I filed an incomplete financial disclosure with consumer credit counseling online about six days ago. I had too much debt.

Edwards Finance > Loans

Q. I filed an incomplete financial disclosure with consumer credit counseling online about six days ago. I had too much debt. They never called. But I got a call back from a 'shark' consolidation firm that wanted to take me on as their project for a fee of $1,000. With no reduction in monthly payments but the interest rate would be cut in half. Looks like CCC brushed off my crummy application and gave it to someone else who wanted to nab the business. Did I miss anything? What else happened? Thanks.

A. Why do you call them "sharks"? If the interest rate is cut in half, that's a good thing. Your debt would be paid off much sooner. (Granted, if the issue is that you can't meet the monthly payments now, lowering the interest rate for the same payments doesn't help you. But it's hardly predatory.) Consumer Reports had a writeup on debt consolidation two or three issues ago. (Look in the index of the current issue, which extends back for 12 issues.) That will give you some idea of what to look for. In general you're better off with a nonprofit consumer credit counseling service than a for-profit debt consolidator.

Ask Edwards a Finance Question

Other Questions:

Loan For People With Bankruptcy And Bad Credit

Over 80 Little-known Banks & Companies that offer Bad Credit Loans, Bad Credit Home Loans, Bad Credit Auto Loans, and Bad Credit Personal loans to people with Bad Credit or even a Bankruptcy. Many require absolutely NO COLLATERAL & NO CO-SIG...

What's the best way to find a bankruptcy attorney?Speak with a bankruptcy attorney for more details.If an attorney isn't paid in full before the Chapter 7 case is filed, any unpaid fees are considered a general unsecured debt and are discharged...

had student loan's approx 5 Years ago. Once leaving Uni I was unemployed, then I worked round the country, I have now settled & registered on the Electoral Register. The Debt collectors are now demanding stupid amounts of cash from me, I can...

I need some advice to help us get out of credit card debt. We took out a large loan last year to do some work on our house. And we are able to pay over the minimum amount but the interest eats up most of that, and we can not put more that a ...

New bankruptcy law imposes more burdens in Mississippi. Can you help me?- WASHINGTON - Hurricane Katrina survivors whose finances are in shambles may not qualify for federal bankruptcy protection once a new law with tough eligibility restrictions...

Edwards Finance Menu

Ask a Question
About Us / Me
Contact Me
Privacy Policy

Sitemap

My Favorite Sites

PFBlog
Google Finance
Yahoo Finance
Motley Fool
Nveille's Financial Blog
AllFinanceMatters
Free Money Finance
2MillionBlog
The Terror Finance blog

Q&A Subjects