Am I talking Debt Consolidation?
To cover all your debts you only have to write one check a month. Sounds good, right? In my opinion, absolutely not! My experience with a debt consolidation organization went like this: I submitted to them all my debt information. According to them, they would contact all my creditors to get my payments and interest rates lowered. My payments would always be on time and my credit score would increase.
This took up about two weeks of my life, batting back and forth and digging out more information to submit. Finally I received a call from a representative letting me know the only step left was for me to mail them a check. My mouth dropped to the floor when she quoted me the amount which exceeded my monthly bills plus a hefty fee for their services. My answer was thanks but no thanks
In other words, I would actually be spending more each month to cover my bills than simply paying them myself. I’m not saying that all debt consolation programs work this way, there could be some new programs out there floating around that actually do help debtors in need of assistance. But, if there are I’m not aware of them and I’m sure they do charge a fee for their services.
To me debt consolidation means you are incapable of making your payments and need to depend on someone else to do it for. If that be your case then I would suggest you find someone you trust and appoint them Power of Attorney to look after your business affairs. Otherwise my advice is to steer away from Debt Consolidation companies.