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I Have $145K of Debt and Not Sure If I Should Go With Finance Solutions for Help

Question:

Dear Steve,

I currently have $145k of unsecured cc/loan debt. The payments are starting to get outrageous. I am looking at Finance Solutions.org, but concerned about how this will affect me, etc. I have the cash to pay the debt off, but I would wipe out any and all of my reserves and be left with nothing.

What options do I have? What would you recommend before I enter an agreement with Financesolutions.org?

Todd

Answer:

Dear Todd,

The easiest way to get an overview of options would be to use my online Get Out of Debt calculator. It will allow you to compare the pros and cons of your major options for dealing with debt.

It doesn’t matter to me which company you are considering using if you have not yet determined what it is you want to achieve.

If you have money in a 401(k) or protected retirement account and are thinking of accessing that to pay off your debt, that would be a bad idea. The withdrawn money would no longer build and multiply which will cost you maybe a million dollars or more in lost retirement funds.

Before you deal with any company there is some homework you can do so you can feel comfortable you are making the right choice for you.

The only experience I have with them are these Finance Solutions past posts.

It seems to me you either need to look at your options using the Get Out of Debt Calculator, talk to an independent debt coach for an overall evaluation of your financial situation, or just jump in blindly with both feet and hope for the best.

Sincerely,


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

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Damon Day - Pro Debt Coach

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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