Debt Management Program?

[mossyoak20]

My wife was contacted by USEFS for consolidation and or management of her credit cards. Has anyone ever used this company or a company alike? Did you experience a negative impact on your credit? They claim there is a program that the creditors work with to agree to a lower interest rate? Have any of you had any luck with such program.

[Acameron52]

Yep, I don’t use credit cards.

[JayB]

All debt management companies are about the same. They request a modified rate/payment from the debtor. The assumption is your score is already messed up so it ain't gonna hurt. I would recommend you get in a program that teaches you how to spend/save wisely. It's gonna take the same amount of time and you are in control of your money...which in turn will teach you to handle money
I recommend Dave Ramsey program.

oh look...what is that?

[mossyoak20]

Yep, I don’t use credit cards.

thanks...

[Throwin Darts]

let me guess....you pay them money to help you get out of debt.

borrow someone's Dave Ramsey book asap

[Hotrodd]

DAVE RAMSEY!

All Dave All the time!

[brokeno]

Use a credit card to buy some scissors and cut up all but one or two credit cards
And quit charging crap you don't need.

[hooligan]

DAVE RAMSEY!

All Dave All the time!

Yep, debt consolidation companies will negatively impact your score but if you’re so buried in debt that they’re reaching out to you it may not matter. Listen to Dave Ramsey’s podcast or buy the book, his methods work great. It will take you he same amount of time and you can take the money you would be paying to the consolidation company and apply t to your actual debt. Also, anything they do for you can be done by you and your wife it just takes work as far as getting things removed from your credit report and calling the credit card companies for pay off plans

I’m glad my wife started ya on it last year. We haven’t had any vacations and won’t for a year or so but we have paid off all debt except for our house

[bbqfan5909]

I’d recommend meeting with a financial planner.

[mossyoak20]

a little more info... she received a letter in the mail about debt consolidation. she doesn't have bad credit, but her credit card utilization is pretty high. she isn't behind on payments, but paying out a lot to get the balances down. So, i asked her to call them to see what it was all about. I think they "sold" her on the idea of reducing her debt for a lesser payment. I'm worried she is walking into a world of hurting if she does it!

[bowhuntntxn]

Don't do it.

[Froggy]

I suggest you both read this free online book by Bud Hibbs. It has lots of information on how to do it yourself. No reason to pay anyone. Chapter 9 on page 79 may help.

THE AMERICAN CREDIT SYSTEM: GUILTY! UNTIL PROVEN INNOCENT.

https://freedom-school.com/money/american-credit-system.pdf

"Intended to inform and educate, this book will give you the
tools to finally exercise control of your situation, eliminate the
problems resulting from negative credit reports and strike a
mutually beneficial deal with your creditors. The program
takes an average of one year to complete depending on your
circumstances. You don’t need credit repair, or Infomercials
that promise more than they can deliver to solve your problems.
Read the book at least twice; follow directions closely
and it will...CHANGE YOUR LIFE FOREVER!!"

[Landrover]

All debt management companies are about the same. They request a modified rate/payment from the debtor. The assumption is your score is already messed up so it ain't gonna hurt. I would recommend you get in a program that teaches you how to spend/save wisely. It's gonna take the same amount of time and you are in control of your money...which in turn will teach you to handle money
I recommend Dave Ramsey program.

oh look...what is that?

let me guess....you pay them money to help you get out of debt.

borrow someone's Dave Ramsey book asap

DAVE RAMSEY!

All Dave All the time!

Yep, debt consolidation companies will negatively impact your score but if you’re so buried in debt that they’re reaching out to you it may not matter. Listen to Dave Ramsey’s podcast or buy the book, his methods work great. It will take you he same amount of time and you can take the money you would be paying to the consolidation company and apply t to your actual debt. Also, anything they do for you can be done by you and your wife it just takes work as far as getting things removed from your credit report and calling the credit card companies for pay off plans

I’m glad my wife started ya on it last year. We haven’t had any vacations and won’t for a year or so but we have paid off all debt except for our house

a little more info... she received a letter in the mail about debt consolidation. she doesn't have bad credit, but her credit card utilization is pretty high. she isn't behind on payments, but paying out a lot to get the balances down. So, i asked her to call them to see what it was all about. I think they "sold" her on the idea of reducing her debt for a lesser payment. I'm worried she is walking into a world of hurting if she does it!

She is a PERFECT candidate for what folks mentioned above. She needs structure NOT a company that will definitely figure out how to make money off you guys. Just give it a month and I promise she will get it. Good luck!

[Lungbustr]

Spend less money than you bring home. That's the trick.

[txoutdoorsman24]

As already stated, Dave can really help. Don’t pay some dumb company to do something that can be done by you. Discipline is what is needed.