mony ou asked:


I have 4 credit cards with approx. $25,000.00 worth of debt on them. I would like to get ahold of a non-profit debt counseling service in order to get rid of the high interest rates and pay them off alot sooner instead of only paying the interest and the over the limit fees. I have not used these cards for the past 5-6 years and the accounts are closed except for me making payments on them. I am not even touching the actual principal that I owe, although, I have probably paid enough on these cards to have actually paid off the actual principal. How is the best way to do this and what are some reputalbe non-profit agencies that will help achieve this? I have also heard that some credit cards will take a settlement on some accounts. Is this a good idea and how much of the amount owed do they usually want? I realize that this may hurt my credit rating but to be honest with you it isn’t worth squat now, so what is the difference? Does the debt consolidation hurt your credit as well?

Warren

baby k asked:


I am looking for a way to get a handle on my debt. I have explored a few different options, but my credit is too bad to get any type of loan. I just got a “quote” from a debt relief company to help resolve my issues, but I am a little wary because I have heard a lot of bad things about these companies. Is there anyone who is currently (or in the past) worked successfully with a non-profit debt counseling service? If so, who was it and how was your experience? Any other advice that can be offered is greatly appreciated.

Angela