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Do You Recommend Debt Consolidation or Debt Settlement? – Sandy

“Dear Michael,

Do u recommend debt consolidation or debt settlement ? Which is the best company in each category. I don’t care about my credit because I am trying to get a modification from my bank and they are dragging their feet and I haven’t paid since November 2010


Hi Sandy,

It is difficult to recommend a specific course of action with the limited detail you provided. In order to help me respond with something more than surface scratching answers, could you please answer the following:

What state do you live in?

Who are the credit cards with?

What are the balances?

Is the mortgage late since Nov 2010 or the credit cards?

If the credit cards are not late, what are your current interest rates on the cards?

What is your current ability to maintain or make payments to the credit card debts?

Were settlement recommended, what amount of cash resources can you access to fund settlements?

How long will it take you to come up with roughly 12k in order to settle the accounts if they have gone unpaid since this past Nov?

Please answer these questions in the comment section below and I will be better able to respond in detail.

If you would like to consult with good companies who offer debt settlement or debt management plans (as provided through credit counseling associations) I would recommend you connect with companies who are members of the AACC. There are AACC members who offer each of these types of debt relief programs.

Michael Bovee has worked with financially challenged consumers for the past 17 years and is a recognized expert in his field. Michael founded Consumer Recovery Network (CRN) in 2006. CRN offers debt settlement services and educational resources nationwide. He has served as its president since 2006.

If you have a debt related question you’d like to ask, just use the online form.

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About Michael Bovee

Michael Bovee
Michael is an experienced debt expert and can be found online at Consumer Recovery Network.

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