Which are some good debt consolidation companies?
“Debt consolidation” can refer to two completely different things: Getting a loan to pay off all debts to consolidate your bills into one lower payment. If you do this, go through a local bank. Debt consolidation also refers to a risky practice of deliberately defaulting on your credit cards to try to force your creditors to settle for less. Stay away from any “debt consolidation” company that promises to cut your debt and payments in half through debt settlement….This is a risky tactic of deliberately ceasing all payments to creditors and forcing your accounts into default to attempt settlements. You pay a monthly fee to a debt consolidator….this entire fee goes towards building a settlement account and to the consolidator’s fees to “settle” your accounts in the future. Your credit card companies will deliberately not be paid so that all the accounts will default/charge-off so that they can attempt settlements at around 50%. If you are current on your accounts, this process will r
