Is a Debt Consolidation Firm Really Helpful? (cont.)
Contributed by Melanie Vannuys
Firms that claim they will be able to completely wipe out your credit history are LYING TO YOU! No one can legally do that and if they tell you they can - stay away! If there are errors on your credit report, there are ways to remove them, however, if there is negative information on your report and it is accurate, there isn't a soul on earth that can make it go away - don't be fooled. Only time - from seven to ten years - can take away negative credit information.
On the same token, firms that tell you they can completely eliminate your debt aren't being truthful either. If a creditor has already written off your debt as uncollectable, nothing can be done about it. While your creditors may take away your late fees and charges during negotiation, they are not going to tell you "it's ok, you don't have to pay me back! "
How Do I Avoid Needing A Debt Consolidation Firm?
It's simple to avoid needing to consolidate your debt - stay away from it! Avoid the temptations and impulse buying. Know the difference between your wants and your needs and don't get the two confused. Establish a realistic monthly budget and stick to it - no cheating! Live within your means - don't spend more than you make in a given month. These simple rules will help you avoid the headache of dealing with debt consolidation firms.
