Due to divorce/court/alimony+child support, I accumulated 50 K on 7 credit card (dumb ). I'm paying the monthly minimum payments (and often more) but I'm sinking ... paying $600-800/mo on interest.
I contacted a Debt Consolidation company (Huron Law Group) - believed their promises - and just signed up yesterday.
Too good to be true?
Their Promise: Pay us $700/mo and in 4 yrs we will have settled every account & your debt will be wiped out and you can rebuild your credit.
Today, I found your forum & learned about Debt Settlement Companies - how they will rip me off, destroy my credit with no guarantee whatsoever that my debtors will settle.
1. Is it too late to back down and cancel my agreement with Huron Law Group? Should I cancel?
2. How do I get out of this debt? - I do not want to file for Bankruptcy.
3. Should I contact each credit card, see if I can work a settlement or payment plan with them individually?