Quote:
Originally Posted by qazz
Is the so call Debt Consolidation Company reliable?
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Brother qazz, debt consolidation will not help in your "friend" debt problem. The debt is still there (as are the habits that caused it) - he just moved it! He can't borrow his way out of debt. He can't get out of a hole by digging out the bottom. Debt consolidation seems appealing because it saves interest, and you have one smaller payment........But.........
the lower payment exists not because the rate is actually lower but because the term is extended.
The possible way for your "friend" to get out of his debt is by changing his habits and start to work triple hard. He need to commit to getting on a written repayment plan and sticking to it.i.e.Get an extra job and start paying off the debt. Live on less than you make. It is not space science, but it is emotional and start charting the right course for his money! It's not a big amount and with the right motivation, your "friend" should be able to clear this amount. All the best and cheers.
