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wranga12

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Consuming Unsecured Debt
I have been approached by a company that is offer to consume my debt. They are telling me that when they move the debt over into their company name it removes the negative impacts and late payments I have had in the past. I have not heard of this and am just curious if this is even possible or if anyone would suggest it. I am also looking for more information on debt and credit and how it works in general so any resources would be greatly appreciated. Thanks.

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Debt consolidation

I think you mean debt consolidation, which means combining your debts, so you have one payment every month with a set interest rate.

First of all you need to make sure the company is legitimate.  Any company willing to do this will charge a fee. You need to be sure you can afford to make those monthly payments at a reduced interest rate. I know Lexington Law is legitimate because I used them 10 years ago.

Then it will be your responsibility to educate yourself about credit by reading articles here on CK,  and other places, so you don't get consumed by debt again. 

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