Debt Consolidation a SCAM?
MiCasaMiDinero asked:
Most debt consolidation companies do nothing better than simply ruin your fico score in order to settle your debt. If you really want to work with an agency that will help you reduce your debt, contact a company member of “CONSUMER CREDIT COUNSELING SERVICES” (CCCS)
Tags: CCCS, Credit Counseling
Reader Comments
Also, CCCS organizations help the consumer work out a payment plan that can work for the consumer not the credit card company.
In regards to your credit comment, you do need to keep your credit working. Meaning you need to show activity in order to have a good credit score. HOWEVER, you do not need to get into debt in order to have good credit. People need to realize that spending as low as $30-50 is enough to create activity on your credit account and history.
mb0276,
Of course CCCS is funded by the big credit card companies. Wonder why? Because they rather get paid some money rather than none. If CCCS did not exist, consumers would simply TRY to file BK or do use a debt settlement company. If they could not BK, then they would get a judgment and end up in more trouble. If they decided to use a debt settlement company then the credit score would be damanged just as bad.
unfortunately, Suzie forgot to mention CCCS was created BY THE CREDIT CARD COMPANIES! If that girl continued paying the minimum of 800/month, it would take 25 years! anda total of 240K!!!! 2 years and a low credit score is not all that bad,,im no mathmatician, but all you need credit for is to buy a house and car..if u already have those,,ur all set.,,if not buy used cars and rent.
Always listen to Suze Orman!
You’re welcome
Thank you for this.