Debt Consolidation

Ever heard about all the ads on the radio and television about how you can reduce your credit card debt into half if you call one of the debt consolidation or debt advisory companies. I read it once that some of the companies were using deceptive advertising to lure in desperate people and then ripping them off with hundreds of dollars in fees without showing any improvement in their debt situation. Obviously you can talk to the creditors on your own but good luck on that as you would be hard pressed to find somebody of authority on the phone. But this economic situation has made people desperate to turn to these so called debt consolidation agencies.

If you are going to pay someone to consolidate your debt or reduce it then you can pay it on your own by having a little discipline in your life and paying to reduce your debt yourself instead of paying someone with an unproven record to negotiate on your behalf. Frankly although I have not been in such a situation but I highly doubt it that somebody can just reduce your debt by negotiating with only a few hundreds of fees. So my advice will be to stay away from these agencies unless you are hundred percent sure they will do what they say (which I highly doubt it) and try to reduce your debt by having some financial discipline in your life and saving some money to pay your debt.