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Anyone use credit card consolidation / debt management services?
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Senior User
Join Date: Sep 2002
Location: Canastota, New York
Status:
Offline
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Between my wife and I, we have about $20k in debt over several credit cards.
We just got married, and were both grad students up until a couple months ago. We both have decent jobs now.
The problem is that our credit card interest rates are ridiculous. Way over 20%.
Has anyone tried out a debt mangagement / credit card consolidation program? I've looked at their websites, but don't know how reputable they are.
Having just one payment at a lower interest rate would be so much nicer.
Thanks for any experiences / insight shared.
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Professional Poster
Join Date: Mar 2003
Location: In the South
Status:
Offline
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Just do it. It will save you TONS! But, research the firm. Or do it yourself. I called up MBNA the other day for another reason and they told me that one of my cards that I wasn't using had 10K credit that I could use for transfers. 9 months 0%, then 3% for 3mos and 9% after that. Currently, I am in a situation where I have the ability to pay off large chunks (limited time) so I will be saving $186.00/mo in interest and have it all paid off before the 0% is up. That's saving $1674.00!
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Mac Elite
Join Date: Oct 2001
Location: in a weapons producing nation under Jesus
Status:
Offline
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yah I use a service, and it has really helped me. Do it but research first.
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Addicted to MacNN
Join Date: Sep 2001
Location: Toronto
Status:
Offline
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Why don't you just talk to your bank? Many banks will allow you to take out a loan to pay off a credit card debt at a far more attractive rate of interest. Never borrow money on a credit card. Never.
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Senior User
Join Date: Sep 2002
Location: Canastota, New York
Status:
Offline
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SeSawaya,
What was the name of the company you used?
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Addicted to MacNN
Join Date: Apr 2003
Location: Appalachia
Status:
Offline
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Paging RAILhead, come to the Lounge please. 
Really, he knows his s#it when it comes to this subject. Personally, I'd just tell you to pickup Dave Ramsey's book Financial Peace. Great stuff.
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Retired
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