madaboutmoose's Journal, 12 January 2010

I wish I could help. All I can say is BE CAREFUL. There are so many scams out there. Especially with the economy--the debt scams are multiplying. I will send you one thing I found with some potentially helpful info.  

Thanks Beets ... I agree about being careful ... I sure don't need to complicate an already complicated situation. 

I live in Canada so I wouldn't be much help with that sorry! Enjoy your day and good luck getting some information. 

the today show has a link to a program call money 911, they have websites for all different issues but debt reduction and bankrupsy are two topics they address regularly...also suze orman has websites she recommends on her website. 

Generally speaking, don't go bankruptcy if it's possible to avoid it. It's not an easy or quick or cheap solution, there are lots of debts that are non-dischargeable (you'll have to pay anyway),and it destroys your credit for a long time. Debt reduction plans can be helpful but, as Beets said, there are lots of scams. Look for a non profit credit counseling agency--there many associated with churches, government agencies, etc. But before all that, I'd suggest contacting creditors to negotiate better rates and even lower debts. Many creditors will do that if you ask and especially if bankruptcy is the alternative. Also, I have found Dave Ramsey and Suze Orman's methods to reduce debt helpful too.  

Hope all is OK with you and your family. If you need someone to chat with, I'm always here for you. Sarah 

Several years ago I had to go through a debt management program and it worked very well for me. They negotiated rates for me that were much better than I had been offered when I called the credit card companies myself. I agree with Erika G too that Suze Orman's advice is good. She is who had recommended the company I went with, which was Money Management International. They are a member of the Better Business Bureau. It is definitely advantageous to do something like that over bankruptcy b/c it is less severely damaging to your credit score. Plus, the people are just so helpful and nice. I had a good experience. Good luck! :) 

Thanks ... keep it comin' if anyone else has counsel! 

Consumer Credit Counseling service is legit. They will even tell you up front if you should forget it and file bankruptcy or if you should get on a plan. They are pretty straight up and while they do charge a fee it is based on what you can afford to pay. They also are able to negotiate with lenders and creditors to reduce your interest rates and waive late fees in many instances. Good luck! Being in that position is difficult and I am so proud of you for stepping up and asking for help.