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Debt consolidation=higher monthly payments?

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Is it just me or is debt consolidation really not a help? Every company I have checked with, my payments will go up $200 per month. That is not very helpful to me. Any one have any companies to suggest.




Do you mean a debt management Plan when you say debt consolidation ?

Sub: #1 posted on Wed, 08/06/2008 - 00:40

mobile0311 mobile0311
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If you are talking about debt management, I found the same thing. When I looked into debt management plans (consumer credit counseling), one of the places that I checked with, my payments would have stayed about the same, and another place, they would have gone up by about a third. They said, "yes, but you'll be out of debt sooner." Since I already couldn't handle the monthly payments, it wasn't a help to me either.

Sub: #2 posted on Wed, 08/06/2008 - 00:59

alias1958 alias1958

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yes I mean dmp. Sorry again for all the duplicate posts

Sub: #3 posted on Wed, 08/06/2008 - 01:03

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That is normal. Usually the payment are about the same or higher than what you were paying. If you are overextended and can`t afford a dmp than you may want to consider a debt settlement program.

Sub: #4 posted on Wed, 08/06/2008 - 01:03

mobile0311 mobile0311
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So what did you do?

Sub: #5 posted on Wed, 08/06/2008 - 01:04

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I have never done either program. I work in the industry though. Neither program is better than the other. It really just depends on your budget and what you can afford to get out of debt.

Sub: #6 posted on Wed, 08/06/2008 - 01:06

mobile0311 mobile0311
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As far as what we did, we ended up filing BK, unfortunately. :cry: We had hoped to save some money and do debt settlement on our own, but we were just too far in the hole and couldn't save enough money fast enough.

Sub: #7 posted on Wed, 08/06/2008 - 02:01

alias1958 alias1958

(Posts: 1230 | Credits: 79.88)

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