Consumer Credit Counseling Service

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Which company is best Incharge Debt Solution or consumer Credit Counseling?

Nov 24, 2006 by blkdude4u02a | Posted in Credit

There is nothing they are going to do that you can't do yourself. Look up your specific issues on-line, learn, and apply the lessons to your issues. When you get involved with these groups, there are hidden fees and costs, such as interest charged for longer length loans. Read this:

Here's another example, this one involving debt settlement. Let's say you have racked up $20,000 in unsecured credit card debts. You owe $10,000 to one credit card company, $7,000 to another one, and $3,000 to a third one. You agree to contract for a five year debt settlement plan where you pay $250 a month to the settlement company.

Sounds good, right? After all, $250 a month for five years is only $15,000, so you're saving $5,000 and you'll be debt-free in just five years, right?

Let's examine this arrangement a bit closer. The admin fee will cost you $750 up front. Your first three monthly payments go towards that admin fee and nothing gets put into your trust account until your fourth monthly payment has been paid. The settlement company takes the first $50 of your $250 payment every month as the service fee. That means that only $200 a month is actually being added to your trust account.

Most debt settlement companies will claim to be able to settle your debt for about 1/2 of what you actually owe, so let's use the middle credit card debt as an example:

If you owe $7,000 on the account and the creditor agrees to accept $3,500 as payment in full, it will take you 8 months at $200 per month to have accrued enough cash in your trust account to pay off just that one credit card bill. But remember, your first three payments to the debt settlement company only paid the $750 admin fee. That means your first credit card isn't really settled until 11 months after you started sending them money! So what is the problem? It's really very simple - Your creditor won't agree to accept half of your actual debt amount in settlement unless, or until, that amount can be paid in full. Otherwise, they'll expect you to make your normal monthly payments.

Consumers Pay Off Debt Faster Than Capitol Hill

Poll finds that 83% of Americans believe they are more capable of paying off debt than the government Raleigh, NC- October 13, 2011 – Turns out Americans are pretty optimistic about their ability to recover from personal debt issues, but they aren’t convinced the nation can muster the same kind of fiscal discipline. A new [...]

Source: CESI Debt Solutions