How to chose the best plan is first find one that you can understand and afford. And most importantly one that will work. There are many “consolidators” out there, but they will only take your money without helping a great deal or it will take you forever to get caught up.
Most credit debt consolidators will help in a fashion, but not to the extent that you really need. your bills will be put into one big pot and you have only one big payment, however, your not told about the higher interest rate put on the whole amount. some of the firms you go to will have the money taken directly from your checking account. which may seem fine, but if your paycheck doesn’t get put in till later, then you now have an overdraft fee from the bank. besides, Uncle Sam has enough control over my money I don’t want to keep adding to the list.
My recommendation is to get you a money management budget plan going for your finances and work your way out. you can call and talk with all of your creditors and let them know your situation and what your planning on doing and many of them are willing to work with you. after you get all your creditors called and worked out, then your sit down and figure how much your income is including spouse, yours, and other income sources. Then you look at all of your outgoing bills or your expenses. set up a spread sheet to separate the different bills into their own categories and then start paying the bills off starting with either the smallest amount due or the bill with the highest interest rate.
if your not sure how to do that, look on line or ask a CPA for some advice. you want to be able to do this on your own with some help for two reasons: one being if you got yourself into it, perhaps making yourself get out will help to stay out of debt and from buying things you don’t need with money you don’t have. two, it will give you the strength and wisdom to help someone else down the road that might be in the same situation.
I help many people with their finances and i don’t charge a thing. why? because taking charge of your money is hard enough without everyone else taking a piece of the pie. besides, I was helped out once by someone who asked for nothing in return, but to pass it on.
so choose wisely if you do decide to go with a firm or a consolidation outfit, make sure you know all the little hidden fees and knives waiting for you before you sign any document for them to take over your money.