I am considering using this company to get rid of some of my K debt in credit cards. One example on the internet said a man had his credit card reduced by 1/2. I have already spoken with a person with that company who told me they charge a 15% fee. Taking 15% of 44K is about 6.5K. Subtracting that amount is 38K. 1/2 of 44K is 22K therefore 38K minus 22K is 16K. 16K would be the amount I would save. Does anyone know a similar company which can help people reduce their debt. I am aware that these companies charge a fee like the one I mentioned which is 15%. Thanks in advance for any suggestions.
Ameli,
Thank you for the suggestion however the website is about getting a job. I wanted to know if anyone knows about the company Debt Solutions, are they legitimate. Any other similar companies that do the same thing?
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September 30th, 2009 at 9:02 am
"Debt solution" companies are not the answer to your problem, they will rip you off, they will not help. It is highly unlikely you will save anything; much, much more likely is in the end you will be much farther in debt than $44,000, your credit score will be worse than ever, and you will have paid them a significant amount of money for the "privilege" of helping you dig deeper into a nightmare financial position.
Get Dave Ramsey’s "Total Money Makeover" book for a solid way to get out of debt. Use a monthly budget and follow his first three baby steps. I don’t follow his principles fully and am not affiliated, but his first three steps and a monthly budget will get you to a financial position where you can begin to build your future, whether you continue his plan or not.
Good luck.