eliminate unsecured credit card debt
Does anyone have experience with a debt reduction program?
I am considering this, and the company is recomended by BBB as being legitimate, they get the unsecured credit card companies to reduce your balances, by paying them a fee, and set up a smaller payment plan that is paid off in 3-5 years, instead of 10-25 years. The actual benefit is they are able to get them to eliminate a lot of the debt, instead of just renegotiating terms, APRS. etc. They work for you, not the c/c companies, who now are able to raise APRS and minimum payments at their discretion. They work for you to obtain a workable settlement for each c/c company. I do realize that it would impact my credit rating , but not as bad as a bankrupcty would , which I don’t want to do anyway.If anyone has any feedback, let me know.
Stay away. What they will do is not pay your creditors for months and then try and settle for less. No special skills, they just dont pay.
If that’s the route you have to go, do it yourself and save the fees for the debt. It will trash your credit.
Remember, if you go with some company to pay your debts and they dont pay. You, and you alone are still responsible for the debt. Your creditors will come after you and not the company you hired.
