Adding more fuel to the fire with debt consolidation?
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terrence
Apprentice
Joined: 21 May 2006
Posts: 4
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 Posted: 01/15/08 - 11:06 Post subject: |
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| Debt consolidators have some kind of built in fee which is a 10% I think. But they claim they will cut my period of repayment for more than I half. I have some debts with credit cards and I’m pretty desperate to pay them off so I wonder if some consolidation like that would help me. They offered me to slash my interest rates to zero. Is it a more fuel to the fire on not? What to do? |
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sanford
Apprentice
Joined: 17 Dec 2005
Posts: 6
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| Posted: 02/13/08 - 22:33 Post subject: |
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| No one will actually shrink your debt to minimum unless you start taking care of it by yourself. And, believe me; getting a loan is not that easy. When it comes to low or transfer balance fees keep in mind that it’s not permanent. They offer you to get out of debts for couple of months, even a year, and then again after the period they start charging high fees. I won’t recommend you such debt consolidation at all. |
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