Debt elimination

[melodylogan45]

Have you ever purchased a debt elimination program or attended a debt elimination
seminar?

I have been listening to a cd alot within the last few days on my mp3 player so I
Can stay focused on the first debt that I need to eliminate.

I have attended a free seminar in my local area some years ago,
But I have not purchased a program.

[ktheodos]

Somewhat agree...there's a lot of tips out there to "get rich" and "pay off debt" but it's really pretty simple...you just have to have the discipline and hard work to do it.

[kingozzy]

My brother used one a few years back and it was a long process but it did work for him, the company consolidated his debt, worked with the  companies he owed and settled with them, all he had to do was send them a check every month but eventually it worked.

[Nancy5]

I agree 100% with countrygirl.  Why would you pay a debt consolation to help eliminate your bills?  That's just another bill. Pay your rent/mortgage every month. Call your credit cards and talk to customer service.  Explain your situation and I know they can make arrangements to lower your payments and/or lower your APR.

[squirrelgirl44]

Do NOT purchase a program. Do NOT do a consolidation program. From experience, I can tell you that is more detrimental to your credit than if you were to file bankruptcy.

DO look at your balances and interest rates. Some people like the snowball effect - start with paying as much as you can towards your smaller balance, all while paying the minimums on your other debts. Continue to pay the same amount (or more) towards debt, even as you eliminate ones.

Some people pay off those with the higher interest rate first. Always send extra money and do NOT continue to use the cards!

[countrygirl12]

Somewhat agree...there's a lot of tips out there to "get rich" and "pay off debt" but it's really pretty simple...you just have to have the discipline and hard work to do it.

There are no get rich quick techniques.  There just aren't.  Kind of like the ad on this page where some idiot claims you can make $15,000 a month from home.  Yeah, that simply is not true.  And I am surprised FC has that ad on their site.  Paying off debt is a slow hard process.  And not everyone who has credit card debt was careless.  Or frivolous spending.  I know people who had to pay electric bills, house payments, insurance, medical bills, all that on a credit card because they simply could not make enough working on their job.  And it also is not as easy as get a second job.  Most employers want you to be available to THEM all hours they are open and won't work with a second job.

[sanglee]

no there is such a thing, also debt consolidation, it stratigically or supposed to be, helps you find ways on how you can pay off your debt; but nonetheless the best solution to debt is "do not spend more than you can afford" period

[Tresbn00]

I do not agree with those that said not to buy a program. You need to do what works for you. I had some debts coming out of college and I paid them off. I began with the credit card that had the smallest balance (and smallest payment/highest interest rate) and concentrated on paying it off the quickest.  I made minimum payments on all the rest of my debt. I paid it off in two months and cut the card up. I then took the money that would normally go to the first card and applied it to the 2nd card and concentrated on paying that card off.  Card number two took five months to pay off.  The money that would normally go to the first two cards was then applied to card number three and so on until I paid off my car. Then I concentrated on my house and paid the first one off in fourteen years. That system worked for me.

[Penwoir]

Paying down debt is admittedly very difficult, especially when interest rates are so high. But my rule of thumb is to pay off the biggest chunk you can on your highest paying credit card. Then pay at least the minimum on your other credit cards. When your first, highest, credit card is paid off, then start on the next highest charging card. I have never used a debt paying program but I believe they are pretty good. I think they are a good mental move because it's like you're handing over your debt worries and then agreeing to pay a set amount every month until it is paid off. It's good to know that it is under control, even if you haven't yet paid it off.

[hawkeye3210]

More often than not, debt elimination programs are scams. If not scams, they make very little sense financially. You're always going to be better off if you can solve financially problems yourself.

[vg7405]

Considering that the ultimate end state is to eliminate debt, the last thing that I would do is purchase a debt elimination program. I nearly fell into that trap a few years ago. Thankfully, friends and family talked me out of it. As many of the posters on this thread have pointed out, the majority of those programs are nothing but scams. Your best bet is to seek the advice of a certified financial advisor/planner.

[o2bnocn]

I would never purchase such a program. It's fairly easy to understand debt elimination. The most important factor might be the interest rate. Most people can't afford to pay off debt because of interest.

[kimber62372]

I was in debt a few years back before I bought my house and I set a goal to pay off my debt within 2 years and I accomplished this goal! Yay me! lol ... The trick is to call ALL your debtors and make a deal with them. Most of them will cut your debt in half just to have it paid off. I signed up for credit monitoring while in the  process of cleaning up my credit. I had to  do this if I ever wanted to buy a home. In 2008, I made this dream a  reality for me and I never felt so proud of myself for doing it on my own!  Anyone can do this! It just takes time and patience! Don't pay anyone to consolidate your debt for you! good luck to everyone!

[dogsleash]

i find no reason to buy when you can find so many free sources.  years ago i went to credit consumer counseling and they offered free classes.

[elvisdo]

Purchasing information on debt consolidation seems counterproductive. I always look at the debt with the smallest amount and focus on that first. It's a slow process especially when you know exactly how much you bring in each month but it will dwindle down to nothing if you stick with a plan.