Credit Consolidation

[JoeMoney]

My wife and I both started side businesses and she ran into trouble without my knowledge. Regardless of the details multiple credit cards now with mucho debt.

I still work fulltime with a side business (mainly web related) and am in need of consolidating these cards but I do not trust these consolidateors. Is there anyone that has experience with a GOOD one that wont rack my credit before I start random calling?
Thanks
Joe

[terry1156]

What is the purpose of consolidating them? To get a lower rate? Or are you trying to reduce the debt through a debt plan?

[76Chick]

perhaps to take on her debt?

i have no advice (never been down that road) - we are still in the "building credit" stage.

GL to you!

[yayme1227]

Are you looking for a consumer credit agency? If so, I use Money Management Incorporated. They are an excellent CCS company. They were recommended to me (as I was sceptical too) and they lowered my interest rates and I make a monthly automatic payment to them and they pay off my cards. I have been with them for over 3 years and will have paid off $28,000 in about 10 more months (I have a little over $5,000 left to go). Note: I was at a point where I was maxed out and just could not pay them down and very overwhelmed.

Using MMI though you have to cancel your credit cards and cannot open any new credit lines until you have paid everything off. It worked for me because I needed the discipline. I check my credit report once a year and my credit report is still in excellent standing. Even if it would have affected my credit report a little it would have been worth it to me because I had way too much credit card debt and was getting nowhere. So it depends on your situation as many would never go this route. I had to go this route and I am definitely pleased with MMI (moneymanagement.org).

Note: Your wife can do this with her credit cards only and not involve you (unless the cards are in your name--then that would probably not work out). I did this on my own with my own cards and my husband can still get his own credit etc. He is not part of my consolidated plan.
You can just call them for more info. and see if this plan would work out for you or not.

[CreditExpert]

it will be ab great idea to consolidate only your wifes cards, if they are in her name only. That way she can have the dissipline of not using them but you still have yours. There are a lot of good credit angencies that will give you great advise.

[SpiderPig74]

yayme1227 had some great advice - definately worth looking into. You may also want to consider debt management as an alternative for your wife. You can compare the two here & after reading I was definately considering debt management - especially as it points out the current credit crisis and the possible difficulties in getting consolidation loans.

There are other options too - but these are probably the less severe. Have a read of that article & post your thoughts back here. I'd be interested to know what you think.

All the best

[vsjhoc]

Yayme's program is a DMP (debt management plan), not a consolidation loan.

These days, lenders are less willing to provide unsecured consolidation loans to pay off consumer debt.