I have a ton of debt and I am able to pay it off m

I have a ton of debt and I am able to pay it off monthly but I am not comfortable and would rather pay one monthly rate to get all of my debt clear. Is debt consolidation a good choice for me?

4 Answers

You will have to actually become deliquent before any will entertain a settlement with you.  Most wont even discuss settlement until you at least 90 days past due.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

Its a better idea to negotiate with each of your creditors seperately and try to reach a settlement. There is a fair chance that you might be successful. You could consider a debt settlement plan only if you feel that you have too many bills to handle and one single monthly payment would help bring order to the chaos.


Yes I do realize the fallout and I am willing to work at rebuilding it, my credit rating is decreasing on a monthly basis even though I pay on time, the debt to income is too great and my rating continues to drop.


Do you value your credit rating?  You do realize that all your credit lines will be closed.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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