Need Information on Debt Consolidation

I used a debt consolidation company called Consumer Credit Counseling and paid off all my debt within 2 years, they were awesome and the fact that I used them did NOT show up on my credit report. A friend of mine works for Greenpath, they are also very good at helping pay off debt.

Hello! I've been working with Greenpath Debt Solutions in downtown Monroe. They've been really good to me. This is my second time using them, and the first time they really did us wonderful. Stupid me got a credit card again and went out of control. They really work with you, and all your creditors to get things caught back up and on time. The unfortunate downside is they pretty much tell you what you need to do..have you set up a schedule and make you stick to it. The good thing was....when we were done..our credit rocked!!!

I know not all debt agencies are the same. But this company was something that was on Oprah. They usually research everything pretty well. I can't say we're sorry. They've put us back on track for the second time. Should be debt free in less than 2 years. They successfully negotiated reduced rates on all our credit cards to amounts that the credit card companies wouldn't consider when I approached them. I had 2 cards reduced from 28.9% to 9%. As soon as the balances get low enough for us to handle ourselves, we will discontinue their services. But at least for one year it's nice to know that there isn't 10 calls a day demanding money.

The hardest lesson we've learned through all this is that if you can't pay for it with cash..you don't need it. Everytime you go to a store, you ask yourself..Do you WANT it? Or do you Need it? There is a fine line between wants and needs. Needs always come first. The wants get put on a list for what's left after the bills are paid. Makes you realise that the things that you "want" aren't what you "need" and you start spending money more wisely.

They had us keep track of every single penny for 1 whole month. Every cent that came in, and every cent that we spent. We had receipts for EVERYTHING. Boy, what an eye opener. A few bucks here, a few bucks there and it soon reaches hundreds that you realise that was truly spent on nothing. We've been putting that money towards the cards and are finally catching up.

I know others might not agree, but this truly has helped us. We were able to go from a $60,000 house to a $190,000 house in 5 years.

K., my name is K. and I recently started working for a company called Primarica. They do debt consolidation and help you clean up your credi. If you are interested in an appointment please e-mail me back.

Hi K.,
I don't have any advice for you but I feel your pain. My husband and I are struggling to make out bills. Good luck.
Chris

Hi K.,

In college I had to go through a debt consolidation, I used Genius they are a none for profit agency. It's not a loan, they take all of your credit card debt and whatever als you have, they call of them, they get them to agree to no interest, then pay just 1 low payment to Genius and they take care of everything. I paid all my debt in 3 years and now have a fabulous credit score. I can't seem to find the number, but if you would like it, I can dig a little deeper in my papers. Genius has changed thei name to American Finance solutions, teh number is 1-800-570-3462, They are open 9am-9pm. I saw a comment on here about mortgage, I did not have any problem getting qualified for a 300K mortgage.

Hi K.,

I would start by looking for advice and answers to almost all of your questions at this State of Michigan website. It's pretty thorough and seems like its there to protect the individual.

http://www.michigan.gov/cis/0,1607,7-154-10555_13648-2623...

Good Luck
L.

I would call around, or ask your bank or credit Union. Just becarful. Alot of places will offer you more money than you need, and that only gets you father into debt. I would ask your bank or Credit Union first, and if the can not help, ask them who they reccomend.

There's a company called GreenPath (I think) that is reputable.

K.~
a place to go is called American Debt Counseling. If your trying to pay off of bills and all. They help you with all of that. They work wiht your creditors and all of that. They do charge a fee, so keep an eye on how much they charge. Each persons fee is different. I wish you good luck. I know what it's like to try to clean up your credit. Their phone number is in the Kalamazoo phone book.

Hi K., my best advice is DON'T DO IT!!!. I have to say this as my boyfriend was doing this when we got together and continued it for almost 3 years. he was going through a company in midland michigan. he had about 5-6 different bills that needed to be paid. he sent them like 181.00 a week and they would take out their fee and split the rest between the bills. well most of the time whas was put on the bills was just paying the interest they were charging and barely touching the bills. we quit using them after almost 3 yrs and not one of the bills had been paid off. we just contacted the companies ourselves and settled the bills or set up arrangements to pay them. it may take awhile to do this but with the money you would be sending the debt place your better off just paying that money to one bill at a time or between 2 bills at a time and when those one or two get paid off then do more if you have them. i hope this helps it did for us.

K.

You can access your credit report from all three major credit bureaus free once a year. I would get that, and see what needs fixed. There are a lot of companies that can help, but there are fees involved. I always had a problem paying for something that I could do myself. There are also churches, some credit unions, and group organizations, volunteer centers that help people. You could call your chamber of commerce for a list in your area.

But if you choose to do this yourself, you need to make a list of what is coming in, and what has to go out. Make yourself a strick budget that you will follow. List everything that you HAVE to spend money on, such as gas to get to work, babysitting, utilities, rent, food, etc. If you have cable, cancel it or go down do bare bone minimum. If you can reduce phone or cell phone charges by getting rid of extras. These things are luxury items and not necessities like some people think. Take any extra money you can squeeze, and start paying extra on the high interest rate things such as credit cards, etc. Get those paid off first. Doctors offices sometimes will work with you too. As long as you make efforts to pay your bills, and the company cashes the check, no matter how small the amount, they have a harder time in front of a judge if they try to take you to court for payment or garnishing.

Have a garage sale and get rid of things you don't need, put the cash on your bills.

Some times you can negotiate a rate with a credit card, and move everything to one. That way you aren't putting some here and some there. You can take bigger chunks off. If you can put money on a bill weekly, you will be charged less interest. Credit unions will let you do that on their loans.

Do not charge any more, unless an extreme emergency.

Then as you pay things off your credit score will go up. Also check the credit report that you get to make sure what is on it is correct. If there are discrepancies, it is best to get them taken care of before trying to buy a house.

I was a single mom for many years. My son is now almost 17. It is hard, but it can be done. I bought and sold two houses all on my own, and had to do the same with my credit.

I hope this helps.

PS...Don't forget to budget in a movie once in a while or a dinner out. You need to have some fun too.

Hi K. -

I wanted to let you know that before you use a debt consolidation company that not all (actually most) mortgage lenders do not like to see them on your credit report so it could actually put you farther off from owning your own home. I am a mortgage consultant and have been in the business for 5 years now. If you would like to email me or call I can review your situation and maybe find some other options for you. It's a free consultation with no hidden fees so don't worry. Plus, who knows if your like most people that rent an apartment or house you could be already in a position to own your home and just don't know it yet.
Hope that helped!
K. O.
Mortgage Specialist
Lakeview Mortgage Co.
###-###-#### ext.112
____@____.com