How Do You Feel About Debt Relief Companies?

I think they are a con to be honest I say this because only the people we are in debt to can agree to reduce our debt and we can negotiate with them ourselves So I think it must be a con I have no debt, so I don't really know how it affects me if someone does get debt reduced I'm not offended either

I do not know what to say, we have nothing like that here.

They must have a very high interest rate of the balance left. How else would they stay in business?

I do think it can help some people.

I don't know anything about them.

I had hospital bills one time and was not able to pay the complete amount. I called the billing department, and they asked what I could pay each month and set up a payment plan. As long as you make the monthly payments there is no issues with credit scores or the hospital.

I am using a debt relief program managed by a lawyer, which is how it has to be in Kansas. We went into debt over the years when Bob was so sick. We have more than paid off the principle. The horrendous amount of interest they are allowed to charge is where the debt gets so large. Believe me, the credit cards will not lose money on these things. The lawyer negotiates the reductions, and it will have taken me a total of four years when I am done. Credit cards offer these deals themselves. An appropriate company manages it, and keeps track of what is paid, how much interest is paid and makes sure the paperwork is done. Just one of my cards would have taken me 29 years to pay off the minimum, with interest. As some people are saying, some of these places are scams. Others genuinely help the consumer who is drowning in interest fees.

I don't think debt relief companies are very helpful to anyone honestly

In my country, it is illegal to do that as we have a centralised government association to do that in Singapore. negotiation for any debt restructuring via an organisation on the behalf on an individual can only be done via the organisation to the financial institutions.

I don't think it helps those people. They will just run the cards up again

I think one might dive deep down more to a debt when they take that risk

They have to make money too so somewhere along the line I would think the customer is paying. I really know nothing about them so I should just shut up and read the responses. Then I might know a bit more.

I personally think you should live within your means . I don't really agree with credit / debt ....borrowing money. This rarely works out well. I do understand sometimes people need money in an emergency but generally people who rack up a big debt are not in that situation. This debt relief companies to my mind are just giving you the same or more debt , just you owe to different people.

They are helpful though , but their services are not free, I guess they make money from it too.

I think people who get into credit card debt are paying a lot of interest. So, they are paying a lot more than the price of the items they purchased. For that reason, I'm not against them reducing what they owe to credit card companies. I think I'd ask my bank how to tackle my debt, not a company though.