CCCS
Posted By: anon on 2007-03-04
In Reply to: Depends on individual case - No more debt
Consumer Credit Counseling Services is free. I have never heard of having to pay a fee for example $20.00 per month. Couldn't the $20.00 per month be going towards your debt. What is the fee for? CCCS works with the creditors to reduce interest rates, etc. You pay them a monthly amount based on the debt amount, and they will disburse checks to your creditors. Most creditors work with CCCS.
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I went through consolidation with CCCS
not sure its the same one as you mention. I had upwards of $18,000 on 4 cards with payments of over $600 a month, with all the cards over 20% interest. My payments were cut to 350 a month, and all but one of the cards lowered their interest rates to below 10%, with one card charging no interest at all. Sears, of course, was the lone creditor that would not lower their interest rate. I DID try negotiating a lower rate myself first; one card would lower the interest for a year, but the others would not; I guess it depends on the creditor. At any rate, I'm paid in full now after 4-1/2 years. They did charge a nominal fee of $5.00 a month for the service.
We went with CCCS about 4 years ago.
Although the interest rates were not lowered very much, it did stop all late pay fees and such which made a huge difference in how fast the balances were able to go down. I don't believe it has affected our credit much, and even if it has, I don't particularly care. I will never go down the credit card road again anyway. Cash all the way. What I can't buy or do with cash, I don't need.
Baaaad experience with CCCS
As soon as I signed up with them they sold out to another company. After paying my monthly amount faithfully for over a year, none of the balances had even budged. Some of the balances had incurred hundreds of dollars of "late fees" because some creditors never received a proposal. My monthly fee to CCCS was $25.00. You have to pay the monthly balance by bank check or money order (no personal checks accepted) and make sure it gets to them on time. I was mailing my payments out 10 days in advance and they were "late" every time.
$5000 later, my total debt increased by over $5000. I should have spent the money filing bankruptcy.
That's funny because after we went through CCCS our score went up significantly. nm
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We closed our accounts before going with CCCS. Have been very pleased with the way they have handle
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