Once again, cc consolidating companies???

**littlemotherhaywood** · 05-04-2006, 09:51 AM

I don't want to do this, but after looking at what we paid and what our debt actually went down, there's just no way we'll ever be able to do it without these rates being lowered. At this point, our credit is probably being damaged more by high balances than it would be by using a consolidating company. I've just heard so many horror stories. I've already tried talking to the cc companies and of course, they don't want to lower rates. Even if we can do it for a year or two it would help. I'm just afraid that when we move (now I know it's at least over a year away) that we won't be able to buy a house if we're in one of those programs. My dh is absolutely against renting again, but I'm not opposed to it for a year or two. Especially if it means we can move back home closer to our family and a lower cost of living area. Okay, sorry, I just needed to rant a little. I'm going to do some searching today. I know there's a company nearby that I can't remember, but part of all of the important organizations. It doesn't hurt to talk to them I suppose.

**Lorri** · 05-04-2006, 12:01 PM

Good Luck in whatever you decide

**YankeeMom** · 05-04-2006, 12:40 PM

I would check out Consumer Credit Counselling Services before any other debt consolidation place. I'm not sure if this is nationwide, but our local chapter does the counselling over the phone, the internet, or in person...what ever works for you.

http://www.cccservices.com/home.asp

**littlemotherhaywood** · 05-04-2006, 01:54 PM

Thanks. I actually sent our information to them this morning (there are three local branches) to see what they can do. It doesn't matter if I can pay the minimums plus some if the interest rates are through the roof.

**YankeeMom** · 05-04-2006, 01:58 PM

CCCS can negotiate to get lower interest rates for you.
Good luck!

**christina33** · 05-05-2006, 06:21 PM

Hi
I am in a CCS program and it is somewhat hard to find information or rather get feedback from members on this board or other who enrolled in this program. I was like you the interest rates were too high to meet anything but the minimum payment.
I would advise you to be patient with CCCS - my branch has the back office work done by Harbour credit ( 40debts.com). I have no complaints. because for the first time I am able to pay my bills save a little for EF without stressing. After I get a little more savings I will double my payment each month.
They will require that you close all CC account .. however you are allowed to open a secured CC account. just for emergencies ( so you may want to get the ball rolling with this ASAP but let your counsellor know)
The interest rate were lowere to 1-2 percent. the late fees have been waived ( this is a major source of misinformation on many boards I have found) >. It takes about 2 months roughly before the credit card companies reflect your enrollment, so you will have late fees for the first month or so. People have complained about late payments from CCCS etc.. this is a little tricky.. my CC is OK as long as I make the payment every 30 days and you will not be charged a late fee. I make my payment on tht 9th and it is paid to the companies on the 13th. So how individuals are charged late fees is beyond me ( it may be the company they are dealing with !!) . The

You will still get the CC statement ..just verify the payments are being made etc. etc.

**littlemotherhaywood** · 05-06-2006, 09:17 AM

Originally Posted by christina33

Hi
I am in a CCS program and it is somewhat hard to find information or rather get feedback from members on this board or other who enrolled in this program. I was like you the interest rates were too high to meet anything but the minimum payment.
I would advise you to be patient with CCCS - my branch has the back office work done by Harbour credit ( 40debts.com). I have no complaints. because for the first time I am able to pay my bills save a little for EF without stressing. After I get a little more savings I will double my payment each month.
They will require that you close all CC account .. however you are allowed to open a secured CC account. just for emergencies ( so you may want to get the ball rolling with this ASAP but let your counsellor know)
The interest rate were lowere to 1-2 percent. the late fees have been waived ( this is a major source of misinformation on many boards I have found) >. It takes about 2 months roughly before the credit card companies reflect your enrollment, so you will have late fees for the first month or so. People have complained about late payments from CCCS etc.. this is a little tricky.. my CC is OK as long as I make the payment every 30 days and you will not be charged a late fee. I make my payment on tht 9th and it is paid to the companies on the 13th. So how individuals are charged late fees is beyond me ( it may be the company they are dealing with !!) . The

You will still get the CC statement ..just verify the payments are being made etc. etc.

That's one of the things I was worried about. We've never been late on any of our cards and I don't want any lates reflected. We have enough money to cover the payments for a month in addition to the anticipated payment to CCCS. I don't want any lates. I have no problems putting holds on accounts but I don't want a secured card. I have years of credit history and I'm doing my best not to tarnish it. I still have a very good credit score. Our rates went up when dh had some issues with his student loans. Obviously, we got in a sticky situation that we're having a hard time getting out of, but I don't want to create a worse situation either. The lady said they'll get back to me in a couple of days so I should know next week what they can do. I have a card that is locked in at 2.9% and I don't want to mess with that one so we'll have to see what they say. I'm glad to hear they've been able to help you.

**wendy** · 05-07-2006, 09:37 PM

Good luck with this, I know it can be frustrating. I can sympathize with you.

**ama** · 05-08-2006, 08:37 AM

I think you should do a search on creditboards.com or creditinfocenter.com You'll find alot of opinions on these and you'll be better informed to decide if its right for you. Best of luck!

**littlemotherhaywood** · 05-08-2006, 08:50 AM

Thanks. I've perused creditboards several times and it seems like most people there are adamantly against this. I just can't seem to make any headway with these companies on my own so my options are looking pretty limited. I'm still waiting for a quote back so we'll have to see what they can do.

**treeluva** · 05-08-2006, 09:51 AM

when I went through CCCS, I didnt have to involve every credit card I had in the process.....and I didnt. The low interest one I had, I kept, and just paid myself. It was the ones that my darling ex huband didnt pay on time that shot up to 23 percent that I enrolled in the program. So they closed those accounts, yes, big deal, I thought. I was never going to use those cards again! 2 years later, I got another credir card that was only at 8 percent, not too bad for just getting out of CCCS. It was a stress saver for me, and I did have more money to save.

**Valerie in WA** · 05-08-2006, 12:32 PM

There's a big difference between CCCS and businesses that offer consolidation loans. I realize that YOU know the difference between the two, but I think, sometimes, when you look at posts on various boards, other posters may be confused about the difference. Their adamant "NO"s may be toward consolidation, rather than CCCS. Maybe?

**littlemotherhaywood** · 05-09-2006, 12:52 PM

Well, I got the information and according to the lady, they'd only be able to lower interest rates on half of them and our payments wouldn't go down any. Though I would like a few lower interest rates, it just doesn't seem worth the hassle of tarnishing my credit even more by closing all of these accounts. I spent over a half an hour talking to a credit specialist at Chase yesterday and she offered up a lot of information I wasn't aware of. When my last card loses it's 0% interest rate, it will be locked in at 7.9 and the balance on that card is very low. She said I could consolidate two of my cards if I paid that one off and that doesn't seem like such a bad idea. I interviewed for a job Saturday. If I get it, it will mean an extra $800-$1600 a month in income that we can put straight towards debt. I think our best bet is to hold out a few more months if we can. Things have to start looking up one way or another.

**christina33** · 05-09-2006, 01:25 PM

Hi
I am sorry to hear that.. It sounds like you are working towards a better solutions for your situation. Keep us posted. and Good luck

**littlemotherhaywood** · 05-10-2006, 01:54 PM

Indeed. I got the quote on paper and the payment is almost $200 higher than what we're paying now and they have a $50 set-up fee that's listed as one time only but all of the payments plus that $50 make up the monthly total they expect. Really makes me wonder, that's for sure. Plus there's a $30 monthly fee as well.