Unemployment has left me with quite a bit of credit card debt.  I see those commercials & ads for debt consolidation services fairly often, and was wondering if anyone has used any that really do help, or is it just legal loan-sharking?  Please advise. Thanks!

Unemployment has left me with quite a bit of credit card debt.  I see those commercials & ads for debt consolidation services fairly often, and was wondering if anyone has used any that really do help, or is it just legal loan-sharking?  Please advise. Thanks! They charge you to do a loan consolidation and you end up paying more than yuou would have if you just stayed with what you got............ they advertise that they are non profit, but very few are non profit... Check with your local Better business bureau, they shold be able to let you know of a non profit outfit that might be able to help.......... the real non profit ones are usually set up by area business councils that help the businesses get their money back from the customers by letting them pay a little at a time(guess they figured that a little was better then nothing when they first got started).... what you might also want to know: a friend at work went to one of the non profit ones and found later that it did have some problems with his credit....... he tried ot buy a new car and they would not loan him the money as they said it had something to do with filing for the thing(what ever they called it) maybe loan consolidation................................. i think what i hear on a talk radio program for consumers protection service was that the non profits might charge a small feee like $25 or so, but the others who claim to be non profit will get about  $500 or more of your money from you...... so be careful.

Unemployment has left me with quite a bit of credit card debt.  I see those commercials & ads for debt consolidation services fairly often, and was wondering if anyone has used any that really do help, or is it just legal loan-sharking?  Please advise. Start by adjusting your thinking a mite.  If it's legal , it isn't loan-sharking .  Got that? That doesn't mean it's a good deal. A consolidation loan doesn't reduce your total debt, so unless 1.  you get a substantial reduction in your interest rate AND 2.  you don't have to pay much in the way of up front fees to get the loan in the first place AND 3.  (this is important) have the self discipline to STOP USING THOSE CARDS until the consolidation loan is paid off a consolidation loan probably isn't going to help you much. Just something to think about - why would anyone loan quite a bit of money to someone who didn't have a job?

Unemployment has left me with quite a bit of credit card debt.  I see those commercials & ads for debt consolidation services fairly often, and was wondering if anyone has used any that really do help, or is it just legal loan-sharking?  Please advise. Thanks! There's consolidation loans & there's credit/debt counseling.  Either can be helpful if the service is good.  The loan is pretty simple, it's just that, a loan.  If you are a member of a credit union I'd suggest trying to get one through them, other wise any credible lender. For consolidation the service works with you & the people you owe money to to work out a payment plan.  They can often stop or lower interest and you make one payment to the credit counseling place.   I know people who have used the latter with good results.  There are a lot of them out there with similar sounding names so beware & research them.  They way they work is essentially getting the lenders to cut you some slack so you can eventually pay your debt off and not file bankruptcy.  Some money slowly is better than none. Good luck and stop using the credit cards. DD

Good luck and stop using the credit cards. Not a problem.  My thanks to you and the other respondents.