Quote Originally Posted by chrisdavis
I dont know anything about that link above, however awhile back my wife and I used CCCS Atlanta as it was reccomended by Clark Howard.

http://www.cccsatl.org/



Long story short, I had a credit card that I never paid late and never went over the limit. Well one day I receive a letter that says my interest rate will go up unless I opt out. Well the letter was dated after the deadline so my interest rate tripled and the cc company refused to give me back my original rate. This and a few other things prompted us to look into a solution to our debt. So we consolodated all our cards with CCCS and they negotiated lower interest rates with the CC companies (they got me an even lower interest rate than I originally had on the card that tripled) and two years later I was debt free.


One of the rules while being in the consolodation program is that you are not allowed to use credit or apply for new credit. It is viewed as a few steps below bankruptcy while you are in the program, once you are out it pretty much goes away.

Quote Originally Posted by AirMax95
I at one point thought of doing this, but after reading numerous consumer reports and Clark Howards rips on them, I shy away.

Using services like these leave a term similar to "debt settlement" on your CR. Your CR also drops due to the nature of the system. Most of them tell you to pay them X amount of dollars up front, usually equal your minimums plus more. Then they negotiate with the creditors, but tell you to not pay them until they are done negotiating. THEN, once complete, you pay the Credit Counseling company a fixed amount @ a certain % rate.

Honestly, just get a 2nd job to mow them down if you have time. I am doing it and I pay $200 per week on one card to wack it, then to the next until I am free of consumer debt. Raises your CS, puts good marks on your CR, and makes you look better to future lenders.
Thanks for the tips guys