Some plans require you to become delinquent on your accounts in order to enter into the program.
Missing even one payment on an account will hurt your credit history and your credit scores.
A better option may be to find a reputable non-profit credit counseling company near you that can enroll you in a debt management plan.
They can help you negotiate terms with your creditors and assist you with making sure payments continue to be made on time during any changes made to your payment schedule.
We believe that everyone should be able to tackle financial decisions with confidence. But, the results of our tools (like our credit card comparison tool) and editorial reviews are based on quantitative and qualitative assessments of product features — nothing else.
While compensation may influence the products we review and write about, the order in which categories appear in “best of” articles, whether products appear on our site and where they’re placed, it doesn’t affect the analysis and opinions of our writers.
Additionally, if the company managing your payments under your debt consolidation plan fails to make the payments on time, you are responsible, and those late payments may be reflected on your credit reports.
Plus, if the company convinces you to close all of your credit card accounts, it may negatively affect your utilization and you have no way to rebuild a rich history by using those cards in the future in a responsible way.
We’re serious about matching you with the financial products that fit you best.
We’re on your side, even if it means we don’t make a cent.
' With so many websites offering free financial tools, it can be hard to know whom to trust.