Debt Consolidation Planning

[debtquotes]

Hi,
All Members…
Many other people planning for debt consolidation plan so my question is can I withdraw beginning the debt consolidation plan if I want to?
Please share your suggestion here…

[sandra]

Debt consolidation is used for several different things:

1. Big loan to pay off debts — bad idea to shift debt to new loan unless you are disciplined enough to not run the credit cards back up.

2. Settle debt for less than full balance. They hold your payments till all your accounts are 90 days past due. Then offer lowball settlements. Not only will this trash your credit, but many credit card companies won’t play. They just sue.

3. Credit counseling/debt management program. Debt management program helps simplify your monthly unsecured debt obligations. Examples of unsecured debt include: credit cards, department store cards, collection agencies, credit lines, and unsecured personal loans. As part of debt management program, credit counseling specialists will assist you in effective debt consolidation. Debt consolidation is an important step in lowering monthly payments to creditors and collection agencies.