Debt mgmt. program vs. doing it alone
I am debating on whether to enter a debt mgmt. company (Balance Financial Fitness) to manage my debt or try to work with the credit card companies alone. I am concerned about what effect entering such a program will have on my credit rating now and for the future. I have not been late on payments, but with the new credit card minimums increasing, it has become more challenging to meet the minimum payments on all of my cards. I tried talking to the credit card companies on my own, but they have not decreased my interest rate to the point that the debt mgmt co. has proposed. With the debt mgmt co., I will be debt free in 5 years. If I try to make payments on my own, given the current rates, I will be in debt forever.
Does anyone have experience using debt mgmt companies? What effect has it had on your credit during and after utilizing the program?