Has anyone ever done a cc consolidation?
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  1. #1
    Registered User Moor's Avatar
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    Default Has anyone ever done a cc consolidation?

    How does that work?
    How does it effect your credit?
    What companies are legit?
    Last edited by Moor; 09-11-2008 at 04:34 PM. Reason: more quetions

  2. #2
    Registered User itsahumanzoo's Avatar
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    We did it through a bank loan, with 14% interest. Now we're stuck with one whopping monthly payment and loan, instead of just snowballing them away. Even though most of the credit cards we consolidated were higher in interest, I just don't think it was worth it.

    I don't know much about companies, but I did hear someone mention that they went into a debt reduction program and it dropped their credit score 70 points!

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    Registered User happimommi's Avatar
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    We did it through a credit card consolidation company that was recommended to us by friends, we were impressed with the initial interview, the guy was friendly and knowledgeable. We signed and then the trouble started, we ended up paying more to our credit cards than before and they didn't always send the payment on time. And when we would call, we couldn't get anyone who actually spoke more than simple English. Never was able to get the origianal guy again. They were taking the money straight from our checking account, so we made sure that there was no money in our account next time the payment was due, and since they couldn't get the money, our contract was voided. Thank heavens!!!! It was a mess!!! What they did for us we could have done for ourselves.

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    Rude and Vile Master Greebo's Avatar
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    CONsolidating your debt does nothing for you without a change of habits, except that you end up even further in debt because you end up with a consolidation loan, AND maxed out CC's.

    Trust me - I CONsolidated twice. The second time, I changed habits.

    If you change your habits, and are on an aggressive plan to eliminate debt, then consolidating/transferring can save you a few dollars in lost interest, but IMO not enough to be worth the trouble.
    If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.

    Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"


    Greebo
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  5. #5
    Rude and Vile Master Greebo's Avatar
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    Oh are you asking about companies who claim to consolidate your debt with one payment? Stay away - scams galore!
    If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.

    Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"


    Greebo
    (Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
    WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!

    Three
    Two mortgages, two one no car loans, one no credit cards, and a partridge in pear tree!

  6. #6
    Registered User hawkgirl's Avatar
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    I used Consumer Credit Counseling years ago and they were great, although I snowballed that debt once I got rice-and-beans cheap and paid it off VERY early.

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