The only way to get there quick is to STOP spending. It really works, try not spending for one month, you’ll be amazing at how much you can save and put towards your bills.

I have student loans, but I would like to consolidate them separatley and not through another loan.

Also, I have an auto loan, would the loan be able to cover that as well?

Please, real answers, and no opinions/judgements.

Thank You.

You probably could however the interest rate may be high. I would start with your own bank as they know you the best. I work as a customer service agent with GMAC where I deal with people asking about refinancing all the time and I refer them to their own bank or credit union. They might be able to work out a deal because you have a "professional/personal" relationship with them.

Basically, debt settlement companies act as a collection agencies for the credit card companies. They get involved before the creditor refers the account to an outside agency, collect a bundle of money from the borrower over time, take their hefty fees, and offer the balance to the creditor as a settlement. They are PRIVATE COMPANIES offering a service. They do not and can not represent the borrower.

Debt resolution, alternatively, is an attorney-managed process whereby an attorney negotiates with the creditor on the borrower’s behalf. This is a legal transaction that only an attorney can perform, and results in a settled mitigation on the borrower’s behalf. There are some critical advantages to this.

Key differences between debt settlement and debt resolution:

PERFORMANCE GUARANTEE – Debt settlement companies cannot guarantee a settlement amount. Debt Resolution guarantees settlement at 45% of the original debt (which also includes the attorney fees). Also, with Debt Resolution, no additional fees will be requested if the debt increases after the agreement is signed, which is very important because once credit card payments get behind, fees and rate hikes get applied to the account, significantly increasing the balance. Debt settlement companies may take advantage of this by charging fees on the balance when the account is settled, not the original balance. And since plans may take several years to complete, balances (and the corresponding fees) can increase dramatically.

TAX CONSEQUENCES – Debt settlement companies generally don’t point out to borrowers that when a creditor agrees to settle, they generally send the borrower an IRS Form 1099 for the amount written-off. This means that if the borrower has $50,000 in unsecured debt, and the creditor accepts 60%, or $30,000 as a settlement, they will send the borrower a Form 1099 which shows that $20,000 write-off as income to the borrower. Even though the borrower didn’t receive any actual cash from the creditor, they may still have to pay tax on $20,000 of additional income. With the attorney-managed Debt Resolution program, the resolved amount is a legal agreement between the parties, and since no cash was provided to the borrower in the form of actual income from the creditor, THERE ARE NO TAX CONSEQUENCES.

CREDITOR HARASSMENT – Debt settlement companies can’t represent a borrower, so they can’t really stop harassing phone calls from collection agents. They may explain that the borrower is in a debt settlement program, but that could potentially backfire and cause the creditor to accelerate their collection efforts, or even file a lawsuit. The attorney–managed Debt Resolution system leverages good faith debt laws to protect consumer rights. Once the creditor receives the first letter from the attorney, they are prohibited by law from pursuing collection efforts against a consumer who withholds payments due to a good faith billing dispute. If the creditor still communicates with the borrower, the borrower should notify the attorney, who will inform the creditor why they have no right to pursue further collection efforts.

FEES AND ALLOCATION OF PAYMENTS – Debt Resolution is, in most cases, significantly less expensive than debt settlement… and the fee structure is completely transparent. The Debt Resolution administration and processing is just 5% of the total contracted debt (compared to 10-15% or more that most debt settlement companies charge). And that 5% is based on the balances on the contract date, not the settlement date – so increasing balances will NOT result in increased fees. Debt Resolution also has a one-time $500 enrollment fee to establish the paperwork and accounts, and compensate the attorney for efforts to cease collection calls, etc… Some debt settlement companies don’t charge an upfront fee to enroll, but they “front-load” their monthly payments with fees – a majority of the payment for the first several months goes toward company fees rather than into the borrower’s settlement account (so they still get their money upfront). Some even charge monthly fees on top of their high percentage fee.

These are a few reasons why Debt Resolution is superior to debt settlement. If you’re interested in reducing your unsecured debt by 55% (guaranteed) and reducing your monthly payments by 50% or more, and want to do so while avoiding harassing creditor calls, surprise tax bills, and exorbitant fees, visit www.BetterThanDebtSettlement.com.

Do it now!

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Expert: Jerrie Guthrey
Bio: Jerrie Guthrey has been a certified public accountant and credit counselor since 1992.
Filmmaker: Jack Guthrey

Duration : 0:3:38

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Expert: Patrick Munro
Contact: www.northstarnavigator.com
Bio: Patrick Munro is a registered financial consultant (RFC) with outstanding sales volume of progressive financial products and solutions to the senior and boomer marketplace.
Filmmaker: Reel Media LLC

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they will do the same thing as debt free and they willnot charge like those lot will