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Debt Consolidation Question


Forum: Financial Planning and Budgeting

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  #1  
October 8th, 2010, 06:19 AM
♥susan♥'s Avatar Mega Super Mommy
Join Date: Sep 2009
Location: Indiana
Posts: 1,280
My friend is considering doing consolidating her debt through a company called Green Shield. It sounds like the put all of your debt together and you make one payment to them. What do you guys know about consolidating? Is it a scam, do you end up paying more in the long run, good idea/bad idea?
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  #2  
October 8th, 2010, 06:51 PM
Platinum Supermommy
Join Date: Aug 2005
Location: USA
Posts: 7,429
I'd consolidate on your own.

You can find a 0% or low APR credit card, apply and transfer your balances from high interest rate cards to it and then close out the high accounts.

I wouldn't use a company, yes many times they are scams and they obviously make money off the deal or they wouldn't stay in business.
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