Company At This Stage Of My Life?

Q: I have spent myself into a hole and am in cc debt...enough to be a problem and a difficulty for me to crawl out of. I am going to retire in a few years and need to get myself out. Today I looked into Cambridge Credit for debt consolidation and am afraid of being taken. I have heard that these companies claim to be non profit, yet charge a percentage rate according to the amount you pay them instead of a flat fee.Will I end up paying them a monthly amount and still be in debt after about 4-5 years, unable to retire? Am I being foolish to put myself into the hand of a debt consolidation company at this stage of my life?

A: -My preference would be a Consumer Credit Counseling Service - see if there is one in your area. Among other things they deal with your creditors to work out a repayment plan, and the fee (if any) is very reasonable. I believe they are connected with United Way. -I am in NO WAY a Financial Counselor, however, I personally would advise against it. I have fortunately NEVER been in debt (other than home and current) but my daughter and my brotherin-law both have been. In both cases, I took it upon myself to get them out. I personally contacted all of the credit card companies, and offered to pay-off thier loans. However I refused to pay the accumulated interest and/or late charges. In each case I was successful in that I managed to have then REDUCE the pay-off amount, and managed to save them each about 40% of the total. Of course, the key will be for you to find a source that you can use to do that. a) Life Insurance b) other saleable assets c) home re-finance d) IRA or 401K e) etc. It is my understanding that those consolidation companies do the same thing, only they pick up "the Vig".

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