I am about 40,000 in credit card debt. I am thinking about using a credit consolidation company? Should I do this?

Based on my experience, I would say YES! Be sure to research carefully and choose a reputable company. Be sure that you understand that you will have to live on a cash basis while you are working with the consolidation company. Again, based on my experience, you won't be able to obtain a car loan or refinance your home. Make sure that your accounts are all up to date when the consolidation company takes them on because if they are behind, they will stay that way and it will look bad on your credit report. I am in the last 10 months of a 36 month payoff and I don't regret ANY of it. Do your research first and be prepared to live without credit. Good Luck!

Based on my experience, I would say YES! Be sure to research carefully and choose a reputable company. Be sure that you understand that you will have to live on a cash basis while you are working with the consolidation company. Again, based on my experience, you won't be able to obtain a car loan or refinance your home. Make sure that your accounts are all up to date when the consolidation company takes them on because if they are behind, they will stay that way and it will look bad on your credit report. I am in the last 10 months of a 36 month payoff and I don't regret ANY of it. Do your research first and be prepared to live without credit. Good Luck!

I am currently in a credit counseling program (InCharge.org) and was able to get financing for both a car and a new mortgage (VA... probably made it easier). My credit score isn't bad. The one ding that it shows is not having a major credit card open.

But I have found that living without revolving credit is pretty easy after the first month of everything settling down and getting a solid budget going.