I need your input really quickly

Hi, I’m new to linkwyoming and newly laid off (3 weeks). Like most, I am over my head in credit card debt. Here is my question. Has anyone used a reputable credit card debt consolidation company that are not frauds? And can someone explain the process and if it actually helps eliminate or consolidate debt. I’ll wait for replys. Thanks in advance for any help you can give me.

Here is a thumbnail of what I learned:

Based on my sisters situation, she owes three cards $35, 000

These steps may not apply to all debt fix companies… (be careful, I understand that some of the companies are involved in fraud)

I suggest that you get a referral from someone to find a safe one.

  1. 1. Sign up with the “company”.
  2. Open a special bank account, with the companies help.
  3. close the credit cards in question.
  4. let the acccount go into default.
  5. let the account go to a collection agency.
  6. my sister’s FICO score will go into the toilet, for a few years.
  7. start making monthly payments into the special bank account.
  8. the “company” will start to have talks with the credit cards.
  9. the company will establish a settlement with credit cards.
  10. with the clients approval the company will take money out of special account and pay settlement.
  11. some years later my sister’s FICO score will improve.

maybe I forgot some of the steps but that is close.

Credit cards will not settle for less money until you can no longer make payments, then they might expect that they will settle for less money instead of none.

A friend of mine says that some credit cards will sue the holder of the card for the debt.

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