debt consolidation

I am confused

There are a lot of debt consolidators, debt refinance, debt counseling, how will i know if they are sincere in helping me or they are a spam. I reside in the Philippines, this is in Asia. Can i ask a credit card company who is one of my creditor to consolidate my debts, am hesitant. I have not disclosed to them my present situation. I am juggling my cards to pay on due date the minimum amount due. My credit limit is almost exhausted. As of now, i am not in default, i am expecting that in the next few months i could no longer keep up with the payments. Can anyone suggest?

It *is* confusing! You can call one of your credit cards and ask them to recommend someone but before you do that can I ask you some questions?

It sounds like you have been pretty responsible with your credit cards and that you might just be in a temporary financial pinch. Can you take a second job for six months to get this turned around? Can you get your interest rates lowered? Can you sell something to pay off one of the cards?

A credit counselor will have you draw up a budget. Do you have one? If you don’t go ahead and make one. Be realistic. Try and find where the hole is in your spending or income.

Honestly, I think you might be able to see this through without resorting to ruining your credit.

If you let the CC co’s know you are having problems they will probably put you on a hardship plan that will last for 6 to nine months. They will drop the interest rates lower and not charge any extra fees. If you can get caught up in this time, it may be something to do. If you can’t , it may just be delaying the inevitible… possibly bankruptcy.

I want to let you know that – even in the confusion and turmoil you are experiencing with being in debt and playing the credit juggling game, you are taking the first excellent steps to finding help and helping yourself. It’s very true that there are many scams out there and your troubles could get worse by making a mistake of utilizing a scam program- divised just to get more money out of you. Because of this fact, when I was in debt, I decided to take the matter into my hands and have control over how I would pay off my debts, about how long it would take me and how much I could pay every month.

I used every resource to learn on my own about what it was going to take. It became a daily task at the beginning, but slowly as I made progress and learned – it took less of my time. When I was making headway with paying my debts, it actually became fun and a challenge watching the amounts decrease, even a little on some months. The biggest part of it was I had to STOP very abruptly depending or relying on ANY credit cards as a crutch. I stopped using all of them as the very first effort. This meant I would have to plan a budget to live with basic necessities only, even doing away with many low priority needs- living with bare minimum for a certain amount of time.

What is in my heart and the way my attitude changed was something I will never regret about what being in major debt taught me.

I chose to give up using credit cards as a means of survival, but gained so much more out of life than I ever expected.

Even if you find a reputable debt consolidations company, you will still have to keep up with paying it off and sticking to a program – controlled by someone else. You’re really just trading one debt for another and the main thing is that all of these companies (to stay in business) make money off of people in debt. Please rest assure that your willingness to start somewhere and making a good plan for yourself will get easier as time goes on.

Thanks everyone for the suggestions , has anyone have undergone debt counselling and consolidation, did it work? i receive an offer to pay hald of my minimum amount due with US$30.00 fee fer month and one time fee of US$49.00. How will i check if they are really legitimate. Am asking them to lower the monthly amort. Am waiting for their response. I could not do it on my own unless i will decide to be in default and be harassed. Here in the Philippines we do not have a law protecting harassment from creditors,sad to say that.

Yes you are right Ms. Karolina, i must not rely on my credit cards for survival which is lack of faith in God’s provision for me nad my family’s daily needs.