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Thread: What exactly do debt settlement companies do for you?

  1. #21
    Platinum Member Rose Mosse's Avatar
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    Originally Posted by honeybun35
    I never do it I changed my mind
    What's the plan now?

  2. #22
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    Originally Posted by Wiseman2
    Paying the minimum is precisely calculated to maximize profits. It is what buries people in debt.
    Agree. But its okay to make minumum payments on some things while you completely pay off others. It does work. in a perfect world, we would all have the income. but sometimes you don't. I had 7 things in collection after my divorce thanks to my ex and a huge credit card and very very minimal income. i was making payments on everything and never getting ahead. When i stopped doing that and was able to pay off a few of them completely in turn, my credit score went way up vs steadily paying on everything. Because i had fewer things in collections, i was able to qualify for a 0% interest credit card with a decent balance to roll my crappy credit card into -- and i kept going forward. If i had been throwing extra at all 7 debts plus credit card every month, i would still have them all even i they were a lot lower. And nobody cares if 7 debts are only $100 each -- there are still 7 of them

  3. #23
    Platinum Member Rose Mosse's Avatar
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    Originally Posted by abitbroken
    Agree. But its okay to make minumum payments on some things while you completely pay off others. It does work. in a perfect world, we would all have the income. but sometimes you don't. I had 7 things in collection after my divorce thanks to my ex and a huge credit card and very very minimal income. i was making payments on everything and never getting ahead. When i stopped doing that and was able to pay off a few of them completely in turn, my credit score went way up vs steadily paying on everything. Because i had fewer things in collections, i was able to qualify for a 0% interest credit card with a decent balance to roll my crappy credit card into -- and i kept going forward. If i had been throwing extra at all 7 debts plus credit card every month, i would still have them all even i they were a lot lower. And nobody cares if 7 debts are only $100 each -- there are still 7 of them
    Wow... good job! What the heck. I can't believe your ex left you with that debt.

  4. #24
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    Originally Posted by Rose Mosse
    Wow... good job! What the heck. I can't believe your ex left you with that debt.
    I would say 70% was because he walked away, but 30% was my own fault. I had really nothing to show for my hard work and ended up relying on a credit card too much for groceries and other incidentals and it got out of control. I was robbing peter to pay paul when I should have done something else. I should have lived with family a little longer and more after the divorce, etc

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