Most debt consolidation companies do nothing better than simply ruin your fico score in order to settle your debt. If you really want to work with an agency that will help you reduce your debt, contact a company member of “CONSUMER CREDIT COUNSELING SERVICES” (CCCS)
More info at:
sccrealestateuncensored.com/2008/repair-credit-legally-remove-negative-accounts/
The title is a … The title is a little ridiculous to say debt consolidation is a scam. Yes there are some rogue companys but there are others who can be very helpful
What she says is … What she says is really true. I used to work for a collection agency and I had a $30000 account. I settled it for $8000 and that is all I needed to make my quota and get like $1000 commission for the month. I didn’t care if I got the balance.
So what if she has … So what if she has to pay a company 15% to save her 10k ? Not all funds saved are taxed !!! Suze Whatever is a paid idiot that does not know all the facts. Sure it hurts your FICI score, but if you are 30k in debt and a single mother her debt to income ratio is horrendous anyway….. Get over it people, your credit is already why pay the entire amount owed…..
Thinkingman is … Thinkingman is absolutely right. All the research I have done indicates you just have to try your best to pay off your debt. Don’t put a middle man between you and your debt. You alone will make timely payments. Standard scheme by debt consolidation services is to take your money, put it in escrow and not make payments. Then you get default notices and say what is going on and you call company. They say it’s a mistake and say they will fix it. But they don’t. You end up with more debt.
be very careful. … be very careful. when you goofle CCCS, some known scammers come up. you are in shark-infested waters. you have to swim very carefully through them. Do your research and proceed very carefully. If it sounds too good to be true it is to good to be true.
She is so right. … She is so right. Don’t trust debt consolidation companies at all, even the ones that say they are nonprofit, even if they have good BBB ratings. I have a good credit rating and have been making all my payments, but had my interest rates significantly raised by one cc company. When I called to ask for a lower interest they said no and suggested I get credit counseling and he gave me a number. Thought I was going to get advice, instead the lady suggested debt consolidation. The two were in cahoots
You only need … You only need credit if you’re to buy a house or a new car? Wrong, bad credit effects your ability to rent apartments, get car insurance and maybe ruin your chances with some jobs. People are running your credit for lots of reasons and can deny you based upon your bad credit. Having good credit is insanely important in lots of aspects in life. The real lesson to learn is being responsible and not living today on tomorrows money.
Yes please … Yes please consolididate in illinois, I made 1.3 million in 2008 from you brain washed pathetic consumers, my consol, company buys up your unpaid debt. harasses the out of you, then— I spend 2 month in the islands on your dime! keep it up people, you make me very wealthy.
Credit cards are a GOD send so are lazy consumers, both make my life MUCH better than yours…
Keep charging America !
Problems with … Problems with Suze’s solutions, or lack there of
1. settling Debt on your own is suicide, might work but trust me they will come and collect. and in her example who has 7000 to settle on their own.
2. Most CCCS companies are bankrolled by credit card companies, you will be paying for a long time. Your credit will also be shot.
Remember this is money you owe, so you HAVE to pay it, She really doesn’t offer YOU any solutions.
The terms of the … The terms of the settlement can be negotiated. If one of those terms is to report the account as paid in full, they’ll have to follow through.
However, it has to be in writing and not just in a plain conversation. This physical proof in writing may be used for the credit bureaus to rectify your credit report in case the creditor does not follow through with the promise of reporting the account as paid in full.
There are creditor that will do it and there are creditor that will not.Negotiate!
if you settle a … if you settle a debt and tell the collection agency to state that it is “PAID IN FULL” on your credit report, the collector is going to say, no we are not allowed to tell them that….and when the bank looks at your credit report and see’s that you owed 20 grand and paid 7 grand and even if it said “paid in full” it would be obvious that it wasn’t and they would know you are a risk anyways…so thats not logical…
This girl settled … This girl settled her $7000 debt in the 90′s. How in the world was she able to get credit cards AGAIN and now she is $33,000 in debt.
This girl had the idea that she was never going to have to pay anyway.
Also, CCCS … Also, CCCS organizations help the consumer work out a payment plan that can work for the consumer not the credit card company.
In regards to your credit comment, you do need to keep your credit working. Meaning you need to show activity in order to have a good credit score. HOWEVER, you do not need to get into debt in order to have good credit. People need to realize that spending as low as $30-50 is enough to create activity on your credit account and history.
mb0276,
Of course … mb0276,
Of course CCCS is funded by the big credit card companies. Wonder why? Because they rather get paid some money rather than none. If CCCS did not exist, consumers would simply TRY to file BK or do use a debt settlement company. If they could not BK, then they would get a judgment and end up in more trouble. If they decided to use a debt settlement company then the credit score would be damanged just as bad.
unfortunately, … unfortunately, Suzie forgot to mention CCCS was created BY THE CREDIT CARD COMPANIES! If that girl continued paying the minimum of 800/month, it would take 25 years! anda total of 240K!!!! 2 years and a low credit score is not all that bad,,im no mathmatician, but all you need credit for is to buy a house and car..if u already have those,,ur all set.,,if not buy used cars and rent.
Most debt consolidation companies do nothing better than simply ruin your fico score in order to settle your debt. If you really want to work with an agency that will help you reduce your debt, contact a company member of “CONSUMER CREDIT COUNSELING SERVICES” (CCCS)
25 Comments to “Debt Consolidation a SCAM?”
The title is a …
The title is a little ridiculous to say debt consolidation is a scam. Yes there are some rogue companys but there are others who can be very helpful
don’t own a credit …
don’t own a credit card, if just that simple
i have owned one in the past and got rid of it as soon as i first used it for a large payment
suze makes a nice …
suze makes a nice milf.
this is so much fun …
this is so much fun…..hell with the cards
What she says is …
What she says is really true. I used to work for a collection agency and I had a $30000 account. I settled it for $8000 and that is all I needed to make my quota and get like $1000 commission for the month. I didn’t care if I got the balance.
Suze’s my heroine!
Suze’s my heroine!
So what if she has …
So what if she has to pay a company 15% to save her 10k ? Not all funds saved are taxed !!! Suze Whatever is a paid idiot that does not know all the facts. Sure it hurts your FICI score, but if you are 30k in debt and a single mother her debt to income ratio is horrendous anyway….. Get over it people, your credit is already why pay the entire amount owed…..
omg … eye opening …
omg … eye opening!!
Thinkingman is …
Thinkingman is absolutely right. All the research I have done indicates you just have to try your best to pay off your debt. Don’t put a middle man between you and your debt. You alone will make timely payments. Standard scheme by debt consolidation services is to take your money, put it in escrow and not make payments. Then you get default notices and say what is going on and you call company. They say it’s a mistake and say they will fix it. But they don’t. You end up with more debt.
be very careful. …
be very careful. when you goofle CCCS, some known scammers come up. you are in shark-infested waters. you have to swim very carefully through them. Do your research and proceed very carefully. If it sounds too good to be true it is to good to be true.
She is so right. …
She is so right. Don’t trust debt consolidation companies at all, even the ones that say they are nonprofit, even if they have good BBB ratings. I have a good credit rating and have been making all my payments, but had my interest rates significantly raised by one cc company. When I called to ask for a lower interest they said no and suggested I get credit counseling and he gave me a number. Thought I was going to get advice, instead the lady suggested debt consolidation. The two were in cahoots
You only need …
You only need credit if you’re to buy a house or a new car? Wrong, bad credit effects your ability to rent apartments, get car insurance and maybe ruin your chances with some jobs. People are running your credit for lots of reasons and can deny you based upon your bad credit. Having good credit is insanely important in lots of aspects in life. The real lesson to learn is being responsible and not living today on tomorrows money.
Yes please …
Yes please consolididate in illinois, I made 1.3 million in 2008 from you brain washed pathetic consumers, my consol, company buys up your unpaid debt. harasses the out of you, then— I spend 2 month in the islands on your dime! keep it up people, you make me very wealthy.
Credit cards are a GOD send so are lazy consumers, both make my life MUCH better than yours…
Keep charging America !
I haven’t had a …
I haven’t had a credit card in 6 years. I cant imagine being 20k in credit card debt, it would take a lifetime to pay off.
This is good advice …
This is good advice… very clearly stated.
Problems with …
Problems with Suze’s solutions, or lack there of
1. settling Debt on your own is suicide, might work but trust me they will come and collect. and in her example who has 7000 to settle on their own.
2. Most CCCS companies are bankrolled by credit card companies, you will be paying for a long time. Your credit will also be shot.
Remember this is money you owe, so you HAVE to pay it, She really doesn’t offer YOU any solutions.
The terms of the …
The terms of the settlement can be negotiated. If one of those terms is to report the account as paid in full, they’ll have to follow through.
However, it has to be in writing and not just in a plain conversation. This physical proof in writing may be used for the credit bureaus to rectify your credit report in case the creditor does not follow through with the promise of reporting the account as paid in full.
There are creditor that will do it and there are creditor that will not.Negotiate!
if you settle a …
if you settle a debt and tell the collection agency to state that it is “PAID IN FULL” on your credit report, the collector is going to say, no we are not allowed to tell them that….and when the bank looks at your credit report and see’s that you owed 20 grand and paid 7 grand and even if it said “paid in full” it would be obvious that it wasn’t and they would know you are a risk anyways…so thats not logical…
This girl settled …
This girl settled her $7000 debt in the 90′s. How in the world was she able to get credit cards AGAIN and now she is $33,000 in debt.
This girl had the idea that she was never going to have to pay anyway.
Also, CCCS …
Also, CCCS organizations help the consumer work out a payment plan that can work for the consumer not the credit card company.
In regards to your credit comment, you do need to keep your credit working. Meaning you need to show activity in order to have a good credit score. HOWEVER, you do not need to get into debt in order to have good credit. People need to realize that spending as low as $30-50 is enough to create activity on your credit account and history.
mb0276,
Of course …
mb0276,
Of course CCCS is funded by the big credit card companies. Wonder why? Because they rather get paid some money rather than none. If CCCS did not exist, consumers would simply TRY to file BK or do use a debt settlement company. If they could not BK, then they would get a judgment and end up in more trouble. If they decided to use a debt settlement company then the credit score would be damanged just as bad.
unfortunately, …
unfortunately, Suzie forgot to mention CCCS was created BY THE CREDIT CARD COMPANIES! If that girl continued paying the minimum of 800/month, it would take 25 years! anda total of 240K!!!! 2 years and a low credit score is not all that bad,,im no mathmatician, but all you need credit for is to buy a house and car..if u already have those,,ur all set.,,if not buy used cars and rent.
Always listen to …
Always listen to Suze Orman!
You’re welcome
You’re welcome
Thank you for this.
Thank you for this.