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Debt consolidation
I'm trying to consolidate my debt and I'm wondering what is the best way to do it...
I heard debt settlement is bad... and can get you into legal trouble... I've heard about debt auditing companies done by a legal team who basically does the same as a debt settlement company, legally, without an extra average 15% fee... and there's the call your creditor to lower your rates... or take out a personal loan from a bank at a lower rate... I personally am leaning towards the legal team because they "say" that everything is legal but it sounds spooky... what does anyone out there think? |
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There is nothing spooky or underhanded doing a debt settlement. Basically your creditors are asked to take so much on the dollar, you take out a loan to accommodate them. The only problem may be the ones that don't want to accept an offer. They are the ones that may come after you for a court settlement.
I would go with the debt consolidation, i.e. line of credit at a good rate (here in Ontario I know for sure I could get one for l0% interest) which isn't bad considering what you pay your credit card company on purchases and fee transfers. |
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