Question by valfi21: Does anyone know of any government approved debt consolidation programs?
I know I’m not the only one struggling with this problem. But I really need some help 
I had a credit score of 670 about two years ago. Now I’m scared to even check. I have two maxed out credit cards, and a furniture bill that all about equvilates to a little less than 10,000 in debt. My boyfriend has a bunch of medical bills and for a while I was the only one with a job. I’m drowning in debt and finding it very hard to pay my bills. I want to consolidate my bills and get out of this black hole. There r so many programs, but im afraid to get scammed. Can ne one help me out?
Best answer:
Answer by drive_55_not
There are no ‘government approved debt consolidation programs’ in the US …
Those commercials you hear on the radio and tv are scamming you … What they want you to do is, send them your money and they will sit on it till you are seriously delinquent on your accounts and then they’ll offer to ‘settle’ the account for less than owed,, thoroughly wreaking your credit …
You can call the credit card companies yourself and try to negotiate a lower interest rate and fixed payment, but they would be more likely work to with you,, if you are late with your payment, so you are screwed there also …
I wish I had a better answer but I don’t …
Good luck ..
.
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Do NOT go to anything that is advertised to you.
You will be scammed so hard – it will make you cry.
There is a government agency that helps you with credit card debt.
National Foundation for Credit Councelling.
This is a non-profit – absolutely no cost to you.
Call their 800 number and make an appointment at a local office.
Reviews call them angels from above.
Again, no cost to you.
They have a DMP program – max $ 25 a month, but only if you can afford it.
If bankruptcy is your only option – at least they will be honest and tell you so.
Now, this agency does not do anything that is not clearly in books.
You can go to your library or bookstore and get a book on
Credit and Debt Repair.
It will make you a pro at settling, negotiating, reducing rates, pay on delete, etc.
And will show you how to clean up your credit reports.
Forget the score – you have a lot of cleaning up of your reports to do.
Looking at your score until you have taken care of everything is pretty much usless.
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Only student loans can be consolidated by a government agency called Sallie Mae, but no other types of debts are handled by the federal government. There are home loan restructuring programs. If your debts are in collection, you can offer to settle them for about half of what you owe, in a lump sum. If you dont do anything, eventually they will sue you for the amount in court and will win a judgment and your income and assets can be garnished. You cannot consolidate all of your bills through the government, only by making another loan to pay everyone off but that might have a higher finance charge. If you want to pay your bills, pay them.
What you need may be credit counseling, which can help out with consolidation as well. Don’t fall for those advertised on the TV, as there are plenty of Govt approved counselors, who can help you out with counseling/consolidation for nominal fees. Here is a link from U.S DOJ which lists approved counselors by State:
http://www.justice.gov/ust/eo/bapcpa/ccde/cc_approved.htm
Just make sure the company you select is approved by NFCC (http://www.nfcc.org) or AICCA (http://www.aiccca.org) or both – you can do this check on their websites. You won’t get scammed if you follow these tips. All the best!