Brendan came 08/06/09 
asked:
If so did it work for you? How long did it take to become debt free and how much of a fee did they charge? What are some good companies to go with?
GARTH
asked: If so did it work for you? How long did it take to become debt free and how much of a fee did they charge? What are some good companies to go with?
GARTH
BENNIE
Dont do it, it is a RIP-OFF SCAM. Why do you think there are so many of them out there, just cause they really like helping people. They dont do anything you cant do yourself. Sorry to say but most people who enter into these programs are better off in bankruptcy.
CALEB
No, don’t do it!
If you call your creditors directly, almost all of them will work out a new payment plan or lower your interest rate to make payments more affordable. If you concentrate on a budget, you can get back in shape within 1 or 2 years. Don’t waste your money on those debt free scams!
LON
well my mother did it 5 years ago only one year to go of paying 1150 amonth but shes happy she went with greentree but not everyone is the same i didnt qualify and had to file bankruptcy
JULES
Many bible scholars are interested on the burning question: is there life after death?
I am very intense on the question: is there life after DEBT?
I never used the program but I heard that it works as they prevent you to get into more debt. I read a book by Stacy Johnson “how to live debt free ” I found it very good for the purpose. Can be purchased at Amazon.com. Invest a few $$ in it as you consider the debt consolidation. Good luck!
Edit….I learn from the other comments being negative about the program. Like I said: I never used it…..
EZRA
DON’T DO IT!!!!!! listen to me, I’ve been there. If you contact the creditors yourself and offer to pay them 40 or 50 percent, they will take it, they will try to talk you into more but stay strong and they will give in. That’s exactly what these companies do that you pay for. and they want money up front or 10% of your total balance and will not guarantee anything to you. You are better off making a deal yourself, please look into it on-line, don’t pay someone else to do what you can do yourself. Especially with the economy right now, creditors are taking anything instead of bankruptcy. You have the upper hand, look it up and find out how to do it, believe me, it’s not hard.
GERALD
My stupid ex- did this, and it was a very dumb thing to do, because it didn’t solve any of his problems. He just kept spending on himself and got behind on the payments and building up more debt. They charged a lot of interest. He’d have been better off cutting back on his spending and gradually paying off his debts and NOT doing the debt consolidation thing. Only suckers and desperate people get ****** into it.
ABDUL
Bad bad bad idea.
Even if you can find one that is legit, do you know what it does to your credit?
It’s like a bankruptcy. Except that bankruptcies happen and then they’re over. Seven years down the road…they fall off your record.
But a debt consolidation is ongoing. Lets say it takes you five years to wipe out your debt.
From THAT point…does your seven year window begin. Then it falls off your record…at total of 12 years!
Here is what you can do:
1. Find a Financial Consultant, Financial Analyst, or even just someone who you trust who is also in Finance.
2. Ask them to do a debt roll down program for you for a fixed fee. Some don’t usually do these kinds of things (they’re investors), but others do help with more, overall financial health of their clients.
Debt roll downs are simply rewriting the budget, taking surpluses, and applying them in the most efficient manner to your debt. It also advises you what kinds of debts you could/should get rid of (say giving back the car, refinancing the home, negotiating with the Credit Card companies).
3. Then you’ll have a plan of action and you can move forward with it. But don’t use a consolidation program.
Good Luck!
Financial Analyst for 7 years!
BARTON
Honestly I haven’t, and I’ve heard from people that you should’nt even consider it unless you have more than $15,000-$20,000 in CREDIT CARD debt alone.
They charge quite a bit for it and it takes a long time to get clear of your debt. If you have les than $15k in credit card debt, I recommend paying it off on your own. My husband and I are following a plan and thus far it is working pretty well.
A lot of places recommend the card with the highest interest be paid off first. I recommend you pay off the card with the smallest balance first if it’s small (like less than $1,000) and then going up from there — this frees up more money each month you can throw at the next card.
So, my husband and I have multiple credit cards to pay off ranging in amounts from $200-$1,500. We pay off the ones we owe the least to first. So, we paid off one card that we owed a total of $200 to, which we paid $20 a month. Then, the next card was one for $550, which we paid $25 a month. Now, instead of paying that next card $25 a month, we are able to pay it $45 a month because the other card was paid off.
So, we move up like that each card we pay off and it makes our payments grow larger so we can pay the next card off faster. We have paid off 3 cards this way and it is working much faster.
Good luck!
CONRAD
Please do not consolidate. It is not free, they will lower your payments by increasing the length of time until you are debt free, and you will take a hit on your credit score. Or they negotiate your debt down after telling you not to pay for awhile adding another hit to your credit score. There is a better way.
A. Have a garage sale and sell anything that you no longer need or want.
B.Get a temporary part time job, if you have one, get another.
Here is a plan that can help you. If you work the plan, the plan will work for you:
1. Make a budget. Make the budget a week before you get paid. A budget is not a punishment! It is a tool which will free you from ever having to worry about money again. Put everything in your budget. Especially those annual, biannual, or quarterly bills like car registration, insurance, etc. Give every dollar you are going to bring home the name of where it is going. Add an “emergency fund” category to your budget for 25 dollars and save up until you have 1000-1250 dollars. Your emergency fund will help keep you from getting into new debt because of an emergency. If you can, set up a direct transfer to a savings account for your emergency fund. That way it moves automatically and you don’t even have to worry about it. You must cut your spending and live on less than you make.
2.First get current on all of you debts and make no more late payments. Stop using your credit cards immediately. Do not take on any more debt. Credit cards are like quicksand only the death is much slower. Make a list of all of your debts in order of highest interest rate to lowest interest. Use cash only for your spending from now on.
3.Pay the minimum due on all of your debts and then put your extra money towards paying off the highest interest one first. After you get that one paid off, you put the money you were paying on debt #1 (the minimum payment and the extra payment) towards debt #2. That will pay debt #2 off faster. When that is paid off, you put all three payments towards card #3 and that one will be paid off pretty quickly. As an example:
To start :
Debt #1 (highest interest): minimum payment+ extra payment
Debt #2 (middle interest): minimum payment
Debt #3(lowest interest): minimum payment
Debt #1: paid off
Debt #2: minimum payment from Debt #1+ Minimum payment from Debt #2 +extra payment
Debt #3: minimum payment
Debt #1: paid off
Debt #2: paid off
Debt #3:Minimum payment from card #1+ minimum payment from Debt #2+ minimum payment from Debt #3+ extra payment.
That way, you will get them all paid off, on time, and pay the least interest. It will also help towards rebuilding your credit since you will no longer have any late payments. This works no matter how many different debts you may have.
4. After you get all of your debts paid off, add to your emergency fund until you have 6-12 months of income saved up. Put that emergency fund money into a liquid money market fund or into a Bank of America no-risk CD so that if you need the money you can take it out without penalty.
5a. When you have your emergency fund in place, add a category for “fun” to your budget. Save for a holiday, a vacation, a big screen, or dinners out, whatever goal you want. Remember to enjoy your life.
5b. When you have your emergency fund in place, start saving for your retirement. Join the 401(k) plan at work and contribute the maximum. Your employer probably matches at least part of your contribution so why give up free money? Open a Roth IRA and contribute the maximum on a monthly basis. If you start saving for your retirement now, you will probably retire a millionaire.
5c. When you have your emergency fund in place, start saving for your next car. Only buy cars, or other things that depreciate, with cash. Save up for a nicer car. That way you get the interest instead of paying the interest.
You can do it and it isn’t as hard as you think. Just follow the plan.
SAM
There are a few good programs but your specific situation will actually determine which one works for you effectively and fastest. Personally I had gone through two of them before finding what I believe is a god-send of debt management. The best part is you don’t change your lifestyle one iota. No loans, no books, no begging, and no avoiding (this is where your credit gets destroyed). Even if your debt includes a struggling mortgage, you’ll see almost immediately exactly when you could be debt free… house and all. Go to this site, get ALL questions answered.
Your friend, Stevie