February 17, 2005 12:53 PM Subscribe
Do you have experience, good or bad, with a credit counselor or consolidation firm that you'd like to share?
posted by o2b to Work & Money (16 answers total)
I've heard that credit card companies don't consider someone in danger until they've accumulated debt in the order of 3 times their annual salary, which is mind-boggling. I'm nowhere near that (nowhere near my salary, thankfully), but I'm irresponsible enough to have accumulated some high APRs on three cards. I've been paying down my cards for a couple of years, but as soon as I get some breathing room on one or two of them they immediately decrease my limit. (I don't use any of them, I only use my AmEx which I pay off religiously.) Calling them to ask for lower rates, etc, has no effect,
It's time for me to get some help. I'm not drowning, but feeling the current a bit. I know this type of action is likely to be a knock on my credit rating, but better a small knock now than a big crash when an emergency comes along and I have no cash to keep paying down debt.
I know the theory (someone, on my behalf, consolidates my debt into one payment), but most of the firms that advertise seem slimy (non-profit doesn't mean they aren't in it for the money). Any first-hand experiences you can pass one? Any companies/individuals you can recommend?