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Posted in Bankruptcy
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Question By
gfsmiley

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Is it smart for me to do another debt consolidation or file bankruptcy
Last year I consolidated all my debt into one payment with this company I meet online. Each month I would give them my money to pay my creditors but they never did receive a payment from them. My creditors would call me and say that my payment was late and how soon will I be sending them my payment. I then told them that was using this debt consolidation company and their payments should be coming from them. So, this is really why my credit is so, so BAD. Please, can you tell me which way is best. Thank you.

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Top Contributor
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Tough lesson

I won't reommend any credit repair or debt consolidation company due to the experience you and many others have had.  The majority of these are scams that prey on desperate people.  The companies are totally unethical.

If you can get a balance transfer credit card with a limit at least equal to your debts and having a 0% interest rate for at least 12 months, that would be ideal.  Check the credit card tab on this site.  Check with your bank or a credit union about a loan.  Consult with Consumer Credit Counseling (they may be in the phone book, if available in your area).

Bankruptcy will ruin your credit for 10 years, and that's something to give serious thought to.  But a bankruptcy attorney may have alternatives to suggest and the initial consulation is usually free.

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