Reputable debt consolidation companies

[kevin...@gmail.com]

I'm not certain if this is the correct place to ask this, but I
noticed past threads on this topic in misc.consumers*.

I am trying to help a friend think about debt consolidation. I'm
running into a problem, though, and that is that searching for debt
consolidation companies online turns up a lot of rather fishy looking
enterprises. I'm suspecting that a lot of these companies are
predatory and of questionable legality (or worse).

Does anyone know of a website where I could find reliable information
about debt consolidation companies? The Better Business Bureau's site
was of no help whatsoever. I know she can get debt consolidation
services through reputable major banks (e.g., BofA, Wells Fargo), but
I also guess that there deals may not be as competitive as companies
that specialize in DC.

Thanks,
Kevin

[John Weiss]

<kevin...@gmail.com> wrote...

>
> I am trying to help a friend think about debt consolidation. I'm
> running into a problem, though, and that is that searching for debt
> consolidation companies online turns up a lot of rather fishy looking
> enterprises. I'm suspecting that a lot of these companies are
> predatory and of questionable legality (or worse).
>
> Does anyone know of a website where I could find reliable information
> about debt consolidation companies? The Better Business Bureau's site
> was of no help whatsoever. I know she can get debt consolidation
> services through reputable major banks (e.g., BofA, Wells Fargo), but
> I also guess that there deals may not be as competitive as companies
> that specialize in DC.

Start with your friend's current bank or credit union. Expand to other local
banks and credit unions.

Another place to start is your local Consumer Credit Counseling Service
(http://www.cccservices.com/).

"Debt consolidation" is not magic, though it is only part of the picture. That
part of it is simply finding a loan at the lowest possible interest rate and
best repayment terms, so you can pay off your higher-interest debt with the
proceeds. Your friend may need help getting into a position to qualify for such
a loan or to find a willing lender; that is where CCCS or similar may help.