Yes, Debt Cosolidation isn't a good thought and I'll state you why. I've done research of my ain and establish out some distressing information.
You've seen those long drawn out commercials full of promises to get you ouy of debt. They utilize words like "non-profit" and "conseling". To get you suckered in, then they got you. You name and you have got 5 measures that are overdue. Remember the words "non-profit", all right now they desire you to give them the account numbers and creditor name calling that you owe the balances. You make that and here come ups the fees!
Didn't they state non-profit? Yeah right! They may charge 5.00 per account or a level rate of 39.95 a month. Thats $480 a year, don't forget that they pull your payments out as long as possible. I intend were make you believe these "non-profit" companies get their support from?
Your looking at $1440.00 in three years. To add to that the consolidators even earn about a 10-15% commision from the creditors. You thought they were on your side...Not! That's not all, when the consolidators name your creditors they close your account. Not make you believe your credit score will travel up or down? Down more than likely. They also only negociate the interest you owe not the existent balance. Debt consolidation in my sentiment is a "RIP OFF".
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