Have you ever heard of debt management (not debt consolidation) and if so, do you think it is beneficial? Why?
968176
You've recognized you have a problem and that is always the first step.  There are certain debt management companies who have been cited for fraud.  Be careful who you choose.  Look for any complaints filed with the BBB before paying for the services of debt management company.  Debt management services can be expensive and may not produce the results you need.\n\nTry the suggestions given at www.MoneyExposed.com.  If you are committed to reducing your debt, you don't have to spend thousands of dollars to do it.
918794
Hello Melissa,\n\nAs the other responders have said, YES, it makes complete sense fo ryou to consolidate!\n\nEspecially being that you have such a large amount of student loan debt...\n\nThe government offers this program to students as a way to teach people a more effective way to manage your debt.. By combining all of the loans into one loan it simplifies your finances..\n\nThink about it, at the end of each month, do you wan tto be sending a9-10 seperate payments to 9-10 seperate lenders, or do you wnat to make one payemtn to one lender???\n\nImagine the checks, stamps, and envelopes you would use in just 1 year if you stayed the way you are..\n\nNot only that but look at the more important issue..\n\nAll loans taken out before July 1st 2006 are variable rates.. In the last few years interest rates have been on the rise... If you dont consolidate into a fixed rate, your rates will rise on all of your loans..\n\nTHIS MEANS YOUR PAYEMTNS RISE AS WELL!!!\n\nBy consolidating you get what is called a weighted average interest rate.. The take an average of your interest rate based on the amount of each loan... More importantly the interest rate is FIXED on the new consolidation loan..\n\nSo, it make s complete sense to consolidate your student loans!!\n\nRemember, the government offers this program FREE OF CHARGE!!!!\n\nMy name is Jason Fry, i am a financial advisor for Student Aid Lending.. We are licensed nationwide and are a title IV lender administered by the Department of Education..\n\nTake a look at my personal yahoo 360 page.. You can find alot of helpful information as well as a direct link to our website...\n\nhttp://360.yahoo.com/my_profile-HlUDUhMib7M9Wlj6o6L2SfGcEYtkt9xsaQ--?cq=1\n\nFeel free to call or email me at any time with questions, or curiousities..\n\nI will take time to answer any and all questions!!\n\nGood Luck!\n\nJason Fry\nStudent Aid Lending\n1-800-964-0642 ext. 114\njasonf@studentaidlending.com
1021672
It sounds like you are earnestly trying to do something about a debt situation and I admire that. It sometimes takes much effort to get to where you want to be and sometimes you can't do it by yourself. I can make some recommendations based on experience, as I was once a financial counselor and am currently on a debt management program. Debt management is sometimes the only way that you will be able to show your creditors that you are trying to turn a new leaf. \n\nNow, I haven't heard about Ammend Credit Counseling, but that doesn't mean too much as there are probably hundreds of debt management programs out there. The important thing is to find a reputable one that best suits your needs. In case you are interested in contacting a counselor, make sure you look for these things in a company:\n\n1) A company who is genuinely trying to help consumers. A company who is looking for the consumer's best interests will not only counsel you, but they may take you through a budget, analyze your situation, provide free financial material, etc. In other words they don't just try to enroll you. You should never feel pressured. I went to the website of Ammend Credit Counseling and there didn't seem to be too much on the site about financial health, tips or advice. That doesnt' mean that they don't send you information, but you may want to check to see how concerned they are about their consumers. \n2) A company who is non-profit, certified, and has a good track record with the BBB. A company who is non-profit may ask for a donation but it is purely voluntary. All your payments should go to your creditors. Also there are regulation agencies in place to weed out the "shady" companies, so you should make sure they are certified and a responsible member of the BBB. I am not sure who certifies Ammend Credit, but you should ask. I also checked them on the BBB and they have an average number of complaints (which is expected in this industry, you can never make everyone happy!), but almost all of them have been resolved. Thats the important thing you are looking for. \n3) You also want a company that answers all your questions. You probably have lots of questions, but a caring counselor will walk you through step by step, and explain thoroughly every step of the process. \n\nSo if you are interested in the company I worked for, it is http://www.incharge.org . If you are interested in the company I have an account with, it is http://www.careonecredit.org/ . If you want to find companies in your area accredited by the AICCCA (Association of Independent Consumer Credit Counseling Agencies), then you can go to their website http://www.aiccca.org . Both of the companies I mentioned are registered with the BBB and have outstanding reputations. \n\nThere are plenty out there though, so you should find the one that best suits your needs. I hope that you get to where you want to be and don't ever give up! Patience will heal your credit. There is no quick answer. Good Luck!
874092
Never heard of them, but i have used a debt settlement company that did a good job. \n\nhttp://www.expert-credit-advice.com/ \n\nYou may want to research whatever companies you are considering by checking out the bbb http://bbb.com/ \n\nAlso the state attorney general.
387028
I work for a debt management company. I have heard of them they are a genuine creditor. If they are a good company or if that is a good deal I don't know. What they are offering is typically called a pre-paid or partially prepaid credit card. they are very common when you are rebuilding your credit. there are more well known companies that you could go through- talk to your bank, and I think paypal offers one
450128
There are a lot of companies out there that do "consolidation" loans that I believe you are thinking about.\n\nThis type of loan often gives you enough to pay off all your smaller debts and can give you some extra money on top.\n\nNormally though they require collateral (IE a house) but a lot of the companies do take people with less than perfect credit history.\n\nStick on your TV and you'll soon find an advert for a company of this type.
1036265
You want to investigate www.daveramsey.com and get Dave Ramsey's books from the library. Debt consolidation is NOT the answer. Not trying to be preachy here but the answer is the debt snowball and careful budgeting. I know it sounds insane but it works. Get his book from the library and give it a try.
212127
Have you tried working with those you owe money to?  Many times, if you just call and explain that you are willing, yet unable to pay off the bills, they will work with you on the debt.  Sometimes by lowering the total debt, sometimes by reducting interest rates. Sometimes by removing penalities and fees associated with non payment.  \nBy the way, I think it's great that you'd rather pay for your debts than file for bankruptcy.  Too many times, people just give up and file instead of toughing it out and paying their dues.  You'll feel so proud of yourself in the end.  Good luck!
992150
I am unsure where Californian99 obtained his information, but debt consolidation companies are actually a very good way for individuals drowning in debt to get some breathing space. It is true than when debt consolidation companies were unregulated, many of the smaller ones took advantage of people's desperate situations, but this is NO LONGER the case. There are many larger companies now that are endorsed by regulation agencies and the one that I worked for even had a contract with the Defense Department in order to refer financially struggling soldiers for counseling. In fact a year or so back, when you heard all that news about the changing rules of Bankruptcy filings, one of the big changes was that individuals were to try to appease their debts through debt consolidation counseling before they were allowed to file. I admit that I am currently on the program, and it has helped me tremendously. Here's the basics on how they work:\n1) You have lots of high interest debt. Perhaps you fell behind on some credit cards or private loans, and the late fees and high interest rates are making it very difficult for you to make any progress. With my case, I was always on time, but I wanted to make a change in my life and rid myself of my high interest debt.\n2) you call a credit couneling company. I can't speak for all companies, but at the one I worked for we were trained to counsel the clients. To show care and compassion because they were in some difficult situations. This is sometimes all someone needs. Someone to just listen to, but if the counselor finds that a debt consolidation WILL help, then they will walk you step by step through the program.\n3) Okay so you qualify now what? You enroll your high interest debt into the program and the company will begin contacting your creditors to negotiate lower interest rates on most of your accounts. This is a tremendous help because interest consumes most of your monthly payment anyways. Another important thing that you have to remember is that the creditors also CLOSE your accounts. This is to further help you along in paying off your debts.\n4) You stay in contact with your consolidation company and creditors. But you only make ONE payment to the consolidation company, who in turn forward it to your creditors. \n5) Sit back and watch your debt slowly disappear!\n\nI think that the reason the person before felt so strongly against it is because he has never done it himself and has heard it from a friend of a friend. Also I found many consumers just left the accounts alone thinking the company was taking care of business. But you have to remember when you consolidate with a reputable company, they will encourage you to monitor your statements and call them if you see a fee that shouldn't be there. \n\nSo if you are interested in the company I worked for, it is http://www.incharge.org . If you are interested in the company I have an account with, it is http://www.careonecredit.org/ . Both of these companies are registered with the BBB and have outstanding reputations. The good part is they are also non-profit. They do ask for a monthly donation with your payment, which goes to paying for the counselor's salaries, but you can always decline it if you are really in a bind. I pay it greatfully because they have helped me so much. Anyways, good luck with your research!
1141786
Yes, I believe so.  The best course of action is a debt management company instead of borrowing more.  Try In Charge Debt Solutions.  A friend uses them and seems very satisfied.  They call all your creditors, get your interest rate removed or reduced and consolidate your monthly bills for a lower payment than your total is now.  They charge a small monthly fee but the pay back amount is still less than if you did nothing.  Just do an internet search on In Charge Debt Solutions and they come up along with several others.
1175240
NOT consolidation.  What is commonly referred to in that category is a form of loan which PROTRACTS PAYMENTS over a LONGER PERIOD, but for which, in the end, if you do the MATH, you will END UP paying up to FOUR TIMES what you WOULD have paid with a reasonable time period.\n\nWHATEVER you consider or choose, be SURE you do the math for what the FULL COST your your decision will BE...financial AND OTHERWISE!\n\nCUT your EXPENSES, PAY it OFF, and put yourself in a money management program that keeps you OUT of that in future!\n\nBest wishes.
1135664
it is a good idea to get a consolidation loan if you can but you won't get a low interest rate
475994
I have been working in the debt settlement industry for 4 years and yes they really can get you out of debt!! you can e-mail me if you want more info.
296976
Yes. If it is a non-profit debt agency. I signed up with one a few years ago, and it has made a big difference. I am paying off my debt, and everyone is happy.\n\nIf you are real abou this, you will stay true to the program. I feel so much better having done this. I no longer get calls and can live my life normally.
1106777
Debt Consolidation is only worth it if and only if you can get the lowest interest on it, and you have the means to pay at least the interest and bit of the principal on it. Do not get a debt consolidation if the institution asked for collateral (your house or lean against any of your asset-or equity). The reason is because credit card debt is unsecured debt, whereas when you put your asset to get a loan, you are putting your asset at risk. When you missed a payment or two, the institution has the right to call the loan and hence because you put your asset as a collateral, the asset can be auction/sold at the request of the institution. Read the fine print on the debt consolidation. Make sure the interest rate is the lowest through out the entire loan, some fine print will said 5% interest for the first 6 months and thereafter 17%. ( you are worst off!). Do your due diligent.\n\nYou will only save the interest payment on debt consolidation which is helpful in a way as you will pay the interest payment against the principal had you not consolidate your debt.\n\nBottomline, budget and watch your spending.
785833
what's even more amazing is that people like captainobnoxious don't even treat this as a serious question.  It is serious and it is a huge problem that could someday haunt this country in ways we don't even want to think about.\n\nRepublicans think it is sustainable.  Who in their right minds can tell you that going into debt at a rate of 1.95 billion a day is sustainable.  Denial and lots of kool aid will get you there.
916286
in my opinion no because\na. im not enough credit card debt to worry what would happen if i became injured or other\nb. they all do that with free introductory offers that make it easy to forget you are already enrolled when they start charging you\nc. its another form of insurance and IMHo - at least for me but does not pertain to the general public - insurance is a scam. if i bet myself every time i'll be doing just fine