Does debt counseling work?
By neals1
@neals1 (67)
United States
June 7, 2007 2:51pm CST
Ok, I am currently at the point where it is difficult to meet even the monthly payments on my c.c.'s and am considering doing the credit counseling so that I can get that under control. Has this worked out good or bad for anyone here? I already own a house, and I work full-time and am planning on getting a part-time job on top of it, but am curious as to what the consensus on the debt-counseling stuff is.
Thanks!
1 response
@pallidyne (858)
• United States
7 Jun 07
I did some debt counseling and it did help some. But it does come down to making some personal decisions to get some of it down.
If you let them negotiate your debt down to try to pay it all off, you will tank your credit for several years to come. I had to do a lot of repair work on mine to be able to buy a house last year--- and now the laws are a bit tougher there.
If you have budgeted to the point where you are at least not accumulating more debt except the interest, consider trying to get a credit card with a low interest rate on the balance transfer, then locking your credit cards up, or even cutting them up. (But leaving the accounts open for your credit history/profile.)
