Question: I’m not certain if this is the correct place to ask this, but I noticed past threads on this topic in misc.consumers*.
I am trying to help a friend think about debt consolidation. I’m running into a problem, though, and that is that searching for debt consolidation companies online turns up a lot of rather fishy looking enterprises. I’m suspecting that a lot of these companies are predatory and of questionable legality (or worse).
Does anyone know of a website where I could find reliable information about debt consolidation companies? The Better Business Bureau’s site was of no help whatsoever. I know she can get debt consolidation services through reputable major banks (e.g., BofA, Wells Fargo), but I also guess that there deals may not be as competitive as companies that specialize in DC.
Answer: Start with your friend’s current bank or credit union. Expand to other local banks and credit unions.
Another place to start is your local Consumer Credit Counseling Service (http://www.cccservices.com/).
“Debt consolidation” is not magic, though it is only part of the picture. That part of it is simply finding a loan at the lowest possible interest rate and best repayment terms, so you can pay off your higher-interest debt with the proceeds. Your friend may need help getting into a position to qualify for such a loan or to find a willing lender; that is where CCCS or similar may help.
Related posts:
- What Is The Best Method for Debt Consolidation?
- Debt Consolidation, Good or Evil?
- Need advice – Debt Consolidation
- Good debt consolidation services?
- Debt Consolidation
- Debt Consolidation Services
- debt consolidation & the ncc or best method
- Debt Consolidation Services
- debt consolidation loans? Options
- Consumer Credit Counseling
- debt consolidation or student loans
- Debt Consolidators – any info/opinions?