So I have approx.34,500$ in Credit Card debt, spr

So I have approx.34,500$ in Credit Card debt, spread across 5 accounts. I have recently discussed enrolling with FreedomDebtRelief
Their fee would be 17% of the enrolled debt; upon each separate card's settlement. Does this number seem very high? over 5,500$ over the 4 year plan. They are estimating they can reduce my debt to approx. 17,000$. Then , with their fees, pay around 23,000$.
All this achieved, by approx. 490$/month over 46 months.
Just wondering if this Fee percentage is the Industry Standard, or I am being fleeced.
Is there a different Debt Consolidation company u can recommend?
Thanks!

5 Answers

You may look at this page to select a debt consolidation company:
http://www.debtconsolidationcare.com/companies/usa-listing


I think it will be best to settle your credit card debts on your own. Then you won't have to spend around $5500 for the fee. You'll save that money. Moreover, when you try to settle your debts on your own, you'll give your best shot. Check out the steps to settle debts from the following page:

http://www.debtconsolidationcare.com/steps.html


It is a long time so it really would depend on the creditor. the only other issue with that settlement co is that they charge a percentage of what you owe and not what you save so they have less of an incentive to fight to get you the best settlement. Regaurdless of what settlement amounts they get you they make the same amount of money. There are settlement companies that charge 20% -25% of the savings only so i would think they would make sure to save you as much as possible. Just remember anything you save over $600 you will have to claim as unearned income also. I would recommend seing if you could settle on your own if you at least have some negotiating skills.


I live in Nevada and see that the statute of limitations here is 6 yrs.  So a 46 month plan should be okay?


15% to 18% is the going rate for that. 4 years is a long time so make sure of what your states statute of limitations is on unsecured debt. The closer you get to that time the more likely a creditor will consider to legally pursue


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