Should I Use a Debt Consolidation Company to Make One Payment Each Month?

“Dear Steve,

I am 25 years old and have $10,000 in bad debt all of the debt has been sent to collections. I want to get all of this paid off in a year. I moved back home inorder to be able to pay this off. The reason I am in so much debt is due to legal troubles and unemployment.

My question is… should I use a debt consolidation busniess? Or pay it off myself? One of the balances are $2500 dollars and it seems to be easier to make one monthly payment instead of paying off one at a time. What should I do?”

You could click here for credit counseling information. A credit counseling program would allow you to make one monthly payment to repay your creditors. While it will give you some structure to repay your past debt, there will also be some fees associated with that.

If you wanted to try to tackle your debt yourself then I would suggest you get a copy of your consolidated credit report and once you identify all the creditors you could use the debt snowball method to repay the debt.

Congratulations on taking such a big step to deal with this debt.


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.
Damon Day - Pro Debt Coach

Steve Rhode
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