Yahoo! Answers*

Question:

debt consolidation?

i am currently in debt from some credit cards and i was thinking about doing something about it though debt consolidation company but i am not sure about it. has anyone used a consolidation company before and was it a good or bad experince? is there anything that i should know before doing it?

Answers:

1) Would you rather do battle with 5 100lb gorillas, or 1 500 lb gorilla?

2) suggest u visit daveramsey.com to learn ur hard lessons from others mistakes. easist way out of debt is second job. debt CONsolidation affects ur credit slave score up to 10 yrs. do ur home work with third party knowledge.

3) If it only credit cards debts then start to pay the one with biggest interest rate aggressively and after paying it off move to another one and put all money you free up from getting ride of first one and so on. It's called "debt stacking". Pay your credit cards off and stay away from them! If you want to consolidate then find new card with 0% or low APR for usually 6 or 12 month, transfer balance there (if you have enough credit) and pay it off on time!!!

4) Credit card debt consolidation adds up all your unpaid balances and converts them into a single payment. This payment is far lesser than each of the individual payments. When you finalize a plan with a debt consolidation company, the company repays your dues to your creditors. Then you make a single payment to the consolidation company every month. Your average new interest rate is much below the old interest rate. http://debts-to-wealth.com/category/Credit-Card-Debt-Consolidation.html

5) Hello! I Got This For You. As Always, It's Always Better That You Get The Info Firsthand. So Better Check It Out Yourself, Im sure You'll Discover Something...http://debt-consolidation.featured-resources.info/bad-consolidation-credit-debt-loan-peop.html

*The answers on this page are supplied by users of the Yahoo! Answers forum. CreditOptions does not necessarily endorse or agree with all of the answers provided.