Just say NO to debt consolidation companies
Why debt consolidation companies will hurt you and your credit reports in the long run!
Many people are finding themselves in a bind right now when it comes to their credit. They are over-extended on loans, and are having a hard time catching up. Debt consolidation companies are seeing huge profits right now.
We, however, do not and would not ever recommend a debt consolidation company. The companies do nothing but take your money and ruin your credit.
Let's say that Debt Consolidation Inc. (fictitous name) has agreed to settle your debt, and you will have a $300 payment for 48 months, and they will pay off your debt. What they don't tell you is that your first payment goes right into their pocket. What they do is simply call the credit companies and try to get them to negotiate your debt down to about half of what you owe. About 50% of the time they are successful, but YOU CAN DO THIS YOURSELF! You do not need a company to consolidate your debts for you!
From here Debt Consolidation Inc. is now a month behind in payments; remember that first payment went to them?! So you have an established credit report that shows consistent 30 day lates and then some! Rarely do any debt consolidation companies make payments on time. Several go out of business right in the middle of someone's pay off. Many have been found to have never even made a payment to the creditors!
You can settle your debt yourself. Write your creditors! (But stay off the phone!!!) Let them know that you are struggling, and that you are willing to settle your debt for x amount of money. Many times this will work. They would rather receive a payment than to have you file bankruptcy and then they lose it all.
Then call us! We will make sure your credit reports are reporting correctly, that everything shows up the way that it should, and that you are not being further harmed by paying as agreed!
Visit our website to learn more at http://www.kenyoncreditservices.com
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