Keith Writes in And Wants To Know “Should I Consider Debt Consolidation For a Fee?”

Posted by Steve Rhode

September 19, 2008

Keith wrote to me through the GetOutOfDebt.org site and asked me the following question. You can write me too!

“I have $30,000 in credit card debt plus $160,000 in home loans and business loans. Should I consider debt consolidation from a company that charges me a fee each month?”

Keith,

Excellent question and my answer may surprise you, Yes!

Nonprofit credit counseling programs brag that many of them are free or at a low cost, but that comes at a price, namely who they really represent. As long as the credit counseling program is getting paid by the creditor, there is no monthly charge to you who do they truly represent?

Let’s look at this a different way, if you were suing your credit card company and they offered you one of their free lawyers that they were paying for, do you think you’d get impartial representation, or would you want to use your own lawyer that you knew was working for you?

A debt management or debt consolidation company that charges a fee should not be avoided if you are comfortable working with them, they are providing you with excellent customer services, they are kind and treat you with respect.

At a time like this you don’t need to be a number in line at the free clinic, you need to get top-notch kind and compassionate assistance to help you through this. Fee charging debt management or debt consolidation programs should not be solely judged on if they charge a fee, but the quality of the service and representation they offer you.

Big hug.

Steve

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