Question : How do Debt Resolution companies lower the balance on cards? Is it worth going to debt resolution co.?
I am trying to decide if going to one of these Debt resolution companies is beneficial to me. How do they get the companies to lower the balance? Can I do this without going to them? Will going to one of these places hurt my credit rating?
lower debt

Best answer:

Answer by Judy
Google the name of that company followed by the word(s): complaint, scam or rip-off.
It will make your head spin.
Most people wish they would have just done it on their own, without paying thousands to that company in profits.

They let your bills go unpaid to scare the creditors.
In the meantime, you are racking up interest, and late payment fees.
This destroys your credit.
About half of the creditors refuse to settle, and you end up in court anyway.
These resolution companies offer no guarantees whatsoever.

There is nothing these companies can do that you can’t do yourself.
Get a good book at your bookstore called Credit / Debt Repair in the finance section.
You can settle, negotiate, reduce interest rates, and do the “pay on delete” correctly.
A good book will be worth it’s weight in gold.

There is also a true non-profit organization set up by the feds.
NFCC.org.
National Foundation for Consumer Credit Councelling.
Go to their Website and make an appointment.
There is a max monthly charge of about $ 25.
You’ll take all your cards to them, cut them up and they take it from there.
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