Debt Consolidation Worth It? Bad Credit + Payday/Title Loans Help?

Are debt consolidation programs worth it? How do they work? Do you have to have good credit? I'm haunted by the reckless decisions I made when I was desperate, taking out all those personal and payday loans, and that title loan is still weighing me down - was I really that blinded by my financial struggles? I'm trying to be honest with myself, t own up to my mistakes, but I'm still lost on how to escape this mess, and I'm desperately searching for a way out, trying to figure out all my options.

I owe $28k in credit card debt, and after consolidating, I'l owe $20k, including a $4k fee for the company.

When I signed up, they showed me some solutions like taking a loan, debt consolidation, or bankruptcy . They asked me what I wanted to pay off faster, pay less, or something else. I chose to pay off faster, and here's how it works:

• They'll act as a third party company between me and my creditors.
• They'll negotiate with creditors to lower my debt.
• Each month, they'll withdraw an amount from my bank account and pay my creditors on my behalf.

I can pay the minimum or more, and I chose a 48 month term, which is $432 per month. But I'm planning to pay more to pay off the debt faster .

One big thing to consider: my credit score will take a hit . I'm considered a higher risk customer now. The company says my credit score will recover after I pay off the debt, but I think it'll take a while. So, if you need to use your credit score soon, this might not be the best plan .

Following this! Definitely considering this!

Those loan sharks are the worst, they should be put out of business.
My friend had a loan from one called ACE, and it was a total disaster she had to borrow a few hundred bucks from her mom just to get out of it.

I took the plunge and it's been a huge relief. Ditching the minimum payments has taken a massive weight off my shoulders. Yes, the fees are a drawback, but it's a small price to pay for peace of mind. I was literally making myself sick, and my marriage was on the line. This decision has been a lifesaver for my mental health. There are other options, but if debt is suffocating you and you've tried everything else, don't hesitate take action. We've got a clear advantage now: I pay $569 a month, and I can always pay more if I'm able.