Is this BBB-backed debt consolidation program worth it? Saves $1K/month?

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CipherCheetah

New Member
Has ANYONE used this debt consolidation program to save money while paying off debt? We could save $1000 a month with the one shown below. PROS? CONS? It appears to be supported by the BBB.
 

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Go with one that has legal protection and a BBB rating . The BBB helps keep them honest, and that legal protection keeps you safe if creditors get pushy . Just a heads up: it'll probably ding your credit for the first year or two. There are also some fees to cover their costs totally normal! Not all companies are the same though, so do your homework . And remember, all those numbers they give you? They're just estimates. The final amount depends on how much they can knock down your debts and what your fees end up being. Hope that helps!
 
I don't suggest these programs. They often cause payments to fall behind. That can hurt your credit.

A better step is to call your credit card companies and others you owe. They have help available.

They are negotiating for a fee. But you can do that on your own!

Good luck to you.
 
So these programs are what we call debt resolution programs. Family Credit Management or Greenpath, for example, are debt management programs (and I did a ton of research on this, btw). Heads up, you’ll get taxed on whatever amount they cut from what you owe, and honestly, those companies can really mess up your credit because they usually tell you to stop paying all your creditors. That means you might face a bunch of fees and even risk getting taken to court.
 
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