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Looking into Debt Consolidation

May 23rd, 2007 at 10:13 pm

I am not sure if I had admitted this before but I have high outstanding debt and I am ashamed of it because I am not as irresponsible as it would seem. We all go through a rough time in our life and that was a rough time for me. Bankruptcy is out of the question, although I had many tell me it is the best way out. But really its not. I owe all those people money with tons of interest on these old Credits and Bills, I have to pay them. That was my mistake.

I was doing some research online about and I came across this article Debt Consolidation and I guess there are various types of ways to do debt consolidation and one of them are Debt Consolidation Loans, which is ironic because I am not even sure if half the population would even qualify for any type of "Loan" regarding outstanding debt and when I think of Debt Consolidation, I think of "Consolidating" Debt into a small monthly payment.

Doing further research I know I can contact each individual company to see about reducing amounts and interest owed - but honestly, knowing that is an option, its still an option I cannot afford. Reading the Article on Self-Debt Reduction, I know that is not an option for me.

I also understand the Government does assist with Consumer Debt Counseling so I can avoid any type of Fraud by illegitimate companies trying to take advantage of my mistake.

Still doing more research, I think I may see what the Government has for Debt Consolidation.

1 Responses to “Looking into Debt Consolidation”

  1. LdyFaile Says:

    A few years ago I went through Consumer Credit Counseling Service. In this area, I'm not sure if they're still called that but I was really happy with them. They called all my creditors for me and in 5 out of 8 cases got the interest dropped completely. The other 3 lowered the interest. You have to be careful which service you go through, mine was a non profit and they asked a small fee to be paid to them monthly, I think it was just $20. Basically I paid them $x and they paid on all the credit cards I turned over to them based on the schedule they'd worked out with each card. When one card was paid off I could dictate which one would get the extra money.

    There were a couple of things I had to be aware of, I wasn't supposed to apply for any credit cards while I was in repayment and I could only get a car loan if I got a letter from CCCS stating it was ok.

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