Ask Terry Questions Consolidation on credit debt

Consolidation on credit debt

By Terry Savage on September 22, 2019 | Credit/Debt

I have $29000 in credit card debt, I’m looking for a loan, they won’t give me one because I went with National Debt Relief program and didn’t make a payment for a couple of months, so now they won’t give me credit

Terry Says

I have consistently advised my readers to AVOID all these debt consolidation companies!  They tell you to make payments to THEM — and not to the card company.  That further ruins your credit — and may result in a lien against your home or garnishment of wages.  And the fine print in their contract may say that if you fail to make the payments to them on time, they can keep your “deposit”!!  This is the worst of all possible worlds!

Please send me an email to with your phone number and the info on the consolidation company and I’ll see if I can put some pressure on them to at least return your money!  Let this serve as a warning to others. If you’re in credit trouble contact the National Foundation for Credit Counseling at 800-388-2227 –which will connect you to the nearest local office. You can trust them!!



a personal
finance question