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Revolving Credit Cards

Valued Member

Revolving Credit Cards

I am making some decisions and there is one thing I am very nervous about and that is these places that are cropping up all of a sudden claiming they can resolve or help you with your debt.


My credit cards are paid, but the amounts were consolidated into 2 BOA loans. 


Now with the recent lay off, I am struggling to maintain my credit and so I called Debt Settlement USA.


Debt Settlement told me that I don't have to put all my debt into the pot. Just the 2 BOA Loans

They will send them a letter and discuss how much they wish to settle for

You have an account and you pay ($700) a month and put it into this account. Once you have the amount that the Bank agreed upon you settle with them. Debt paid off.


You're credit will be lower due to this but you can rebuild it up again.  Is this bankruptcy or what is this? I never get a straight answer. ( The site says avoid bankruptcy)  Is this a consolidation place and isn't this just as bad as having the debt?


I shall be working again soon, but not in full capacity and certainly not at the pay scale I once had. So should I not panic, keep paying my debt as I have been. I'm not late on anything.




I know from experience you cannot pick and chose debt, that all debt must be accounted for. Also how do I know if this guy is going to pay it or just take the money and run. It just isn't sitting well with me.  And they have a BBB listed on their site.


Message 1 of 4

Re: Revolving Credit Cards

Have you talked to BOA yet? They may be able to work something out with you


Brief web search brought up this about Debt Settlement USA. In general, while I do feel patriotic about my country, I try to stay away from companies that have USA in their name

Message Edited by reots on 04-23-2009 03:44 PM
Mar 09 Fico EQ 773 Fico TU 712 FROZEN Fako EX 699
Feb 09 Fico EQ 749 Fako TU 667 FROZEN Fako EX 676
Message 2 of 4
Valued Member

Re: Revolving Credit Cards



Oh you just made my weekend. Just as I suspected what that reference said is exactly what I have had a real bad feeling about. 


As for BOA and working something out. I've been to them numerous times and finally I was able to reduce the interest rate killing me each month from 18% to now 4% one one, the other remained the same with 13 %.  I wish the $500 payments on both the loans was lower, but they say because the balance is still high it has to be this way until it gets paid down a bit.  I can try again but I really doubt because put this account into collections, closed down the account and warned me if I miss a payment, the account will go back to the higher interest rate with back. 


Message 3 of 4
Moderator Emerita

Re: Revolving Credit Cards

Debt Settlement USA sounds like one of the outfits that will cheerfully trash your credit in exchange for your payment. If you haven't already, you might want to read the FTC's take on such outfits:

FTC site: Knee Deep in Debt

Congrats on getting BofA to at least start working with you! Good luck!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 4 of 4