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should my husband and i settle our debt or should we go through a debt consolidation?

We are about $2300.00 in debt with alliance one and i think $900.00 in capitol one. We have a debt consolidation with Federated Financial. But I was thinking that maybe we should just settle with both of the debts ourselves because federated financial charges $29.00 a month and it will take us like 3 years to pay it off, if we go through them. What is the best choice?

Asked By: cindi_chean - 3/12/2008
Best Answer - Chosen by Asker
If you "settle" by paying only a portion of the debt, the debt will come back to haunt you in several years when the bank sells the bad debt to a collector. It is best to pay off the entire debt either through your payment plan or to pay off the entire remaining balance. $3200 isn't that much money. If you don't want... More
Answered By: PelMel - 3/12/2008
Additional Answers (5)
I would stay away from the debt consolidation place. Do you work? If not get a little part time job- If you do work get a second job (I know you don't want to but its only temporary). Pay all extra money to your debt. Look at your budget (if you don't have one you can download free forms from www.daveramsey.com (he... More
Answered By: r&s mom - 3/12/2008
 
First of all you are looking at about $3,200 in credit card debt. That is not really all that much in the larger scheme of things... More
Answered By: cbmttek - 3/12/2008
 
I would just get a personal loan to cover the $3200 and pay off the debt. This way you don't have to worry about the credit hit you would get from "settling" your debt. You also won't have to worry about a monthly fee that doesn't go towards principal or interest. You can get a personal loan rather easily using P2P... More
Answered By: samoan3d - 3/12/2008
 
Debt Consolidation usually costs you more in the long run. Don't settle, forgiven debt counts as income on your taxes. 1. Pay off the highest interest card first. If you cannot, find a zero interest card that will let you transfer the balance for a year. 2. Repeat Step 1 until they are all paid off
Answered By: Feeling Mutual - 3/12/2008
 
Coming from someone who has perfect credit: and not rich - there are a few things I never understood. If you have debt in the amount of $2300 - why would you PAY somebody for debt consolidation. that money could go towards your credit card. I would just keep paying on the credit card - learn to live within... More
Answered By: ★★★ Katharine ♥♥♥♥ - 3/12/2008
 
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