I did a search on this and couldnt find anything relevent, so Im sorry if this has been done before!
Im supposed to talk to someone from the credit counseling company tomorrow, but I want to see if anyone has done this, and know if its really a good idea or not. From what I understand its a company that negotiates better rates on your credit cards, but its not a consolidation. They would cancel or lock the existing cards and wed be unable to open any new ones until its paid off. It seems like it would be paid off much faster (for about hte same amount we are currently doling out) than if we just paid as usual. Theres a monthy fee, but I think it gets put towards your total debt.
Is it worth it?
Im supposed to talk to someone from the credit counseling company tomorrow, but I want to see if anyone has done this, and know if its really a good idea or not. From what I understand its a company that negotiates better rates on your credit cards, but its not a consolidation. They would cancel or lock the existing cards and wed be unable to open any new ones until its paid off. It seems like it would be paid off much faster (for about hte same amount we are currently doling out) than if we just paid as usual. Theres a monthy fee, but I think it gets put towards your total debt.
Is it worth it?
here is the link to this forum : http://www.mothering.com/discussions/showthread.php?t=494864
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