Debt Consolidation for credit cards and high interest loans

Personal Finance
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Debt Consolidation for credit cards and high interest loans

Guillaume VidalletPro Member
Member since 2024 · 6 posts · 7 votes

Has anyone ever used any debt consolidation companies.  I have a lot of high interest debt used to finance my projects and wondering the impact on credit score and whether it is worthy or not.  Any advice greatly appreciated! 

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Jason MalabuteBusiness Member
Accountant · Los Angeles, CA · Member since 2016 · 2k+ posts · 901 votes
1y

If you decide to move forward with debt consolidation, make sure you carefully research the company you’re working with. Look into their reputation, check reviews, and confirm that they have a proven track record of successfully helping clients. Not all companies operate the same, so doing your due diligence up front can save you a lot of trouble later.

Malabute & Company CPAs525 Reviews
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  • Trevor Higgins
    Lender · Charlotte, NC · Member since 2024 · 58 posts · 19 votes
    1y
    Typically, when done correctly, your credit will sky rocket because of the reduced utilization. Feel free to PM me if you need any recommendations for lenders for them.
    0Reply
  • Jason MalabuteBusiness Member
    Accountant · Los Angeles, CA · Member since 2016 · 2k+ posts · 901 votes
    1y

    If you decide to move forward with debt consolidation, make sure you carefully research the company you’re working with. Look into their reputation, check reviews, and confirm that they have a proven track record of successfully helping clients. Not all companies operate the same, so doing your due diligence up front can save you a lot of trouble later.

    Malabute & Company CPAs525 Reviews
    WebsiteView Page
    1Reply
  • Josh L.
    USA · Member since 2023 · 145 posts · 84 votes
    1y

    @Guillaume Vidallet any thoughts on deleveraging and or paying these higher interest rate debt off quicker? May save you more interest in the long term if you agressively pay down rather than consoldiate as may have fees to consolidate. 

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  • Guillaume VidalletPro Member
    OP
    Member since 2024 · 6 posts · 7 votes
    1y

    Yes Im selling a piece of property that will allow me to pay off some of the credit cards but will still have some high interest loans that I need to bundle with a lower rate.  Curious to see what the difference is between debt consolidation programs vs debt consolidation loans.  Thank you for your input! 

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