I hate to break it to you but any debt consolidation program that stops payment to debt collector to negotiate a new debt payment instead of what you really owe them is a gimmick. It will ONLY hurt your credit score as you will stop paying it off. Bring your debt to a [...] [...more]
A debt consolidation loan is a loan that you use to pay off all of your other debts. The general idea is that the consolidation loan would be at a lower interest rate and probably for a longer term (more months). That would give the person some "breathing room" while saving them money [...] [...more]
Please do not do "credit counseling", "debt reduction", or "debt consolidation". It will show up on your credit report like a bankruptcy. It is also not free. There is a charge for the company to do it, they will negotiate with the creditors to either take less than you owe (another "ding" on the credit [...] [...more]
