I am looking for resources for debt consolidation, resolution, etc. Is there anywhere in Miles City that offers these services, or what are the best companies to go through? looking preferrably for companies people have used personally. I would rather talk to someone in person about options etc, but I understand that may not be an option here...thank you

From Wikipedia "Debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan." Since you are talking about getting a loan I would start with your local bank. That is what I have always done when getting a loan. Here in Miles City we bank with First Interstate Bank on the corner of Main & Montana. They have served us very well.

http://cccsmt.org/

Consumer Credit Counseling Service helped if your looking for someone to help you get out of debt they work with your creditors and get your interest rates dropped drastically then you just make one payment to them and they pay all your creditors from there. They aren't here in Miles City but they have an office in Billings and Great Falls that I know of for sure. Hope that helps.

Contact National Foundation for Credit Counseling at 800-388-2227 or visit http://www.nfcc.org

This is the first place Clark Howard says to check. If you haven't heard of Clark Howard, he is a great resource for all things financial. http://www.clarkhoward.com/

[This message has been edited by Leif Hope (3/25/2011)]

Be careful before hiring a debt solution company (consolidation, reduction etc) as these ruin your credit and charge huge fees to do things you can do for yourself. Many credit card companies will negotiate a settlement or work on terms if you contact the department.

Rule No. 1: If they ask a big fee upfront, they are a scam.

Rule No. 2: If they 'guarantee' they will cancel your debts, they are a scam.

Rule No. 3: If you see them advertise heavily on cable television, they are a scam.

Just remember that if you actually get some debt cancelled it may be taxable income to you.

One reason Amorette & I have always used local banks is that you deal with someone face to face and if at anytime in the future you have problems or questions, that face is still there for you to deal with. Not a phone call to someone in India or God only knows where, who recites something off a computer screen then when that is not right says they get back to you. That is our philosophy, hope you find something that works for you.

Debt Reduction Services in Billings is great!

I got cut short. The hardship department is the one you want to talk to most major banks have them and would rather work with you than end up in a debt reduction situation. I found this to be very helpful. They lowered my interest rates by about half and set up payments I could afford. Saved my credit and got me on my feet after a massive income reduction that lasted longer than my savings did.

I really wish someone had pointed me in the direction of my local bank years ago. I went with C.C.C. out of Billings and while they did manage to get my debt (credit cards) frozen and reduced monthly payments to what I could afford, it came at a pretty heavy price. While the payment IS affordable, 60 to 70% of your new payment goes to pay THEIR fees and what's left is applied to your debt.

If that isn't bad enough, the hit to your credit seems almost unrecoverable and stays that way for many years to follow. Credit score doesn't seem like that "big of a thing" but comes into play into many more avenues then you may realize, including car insurance! Having never had an accident and a completely clean driving record, my credit score put me at a class 3 risk, the only other class was relagated to repeat DUI offenders and vehicular homicides etc etc.

Long story short, look for that local bank first and see who's willing to work with you. Personally I can speak highly of both US Bank and First Interstate having done business with both.

Your credit score can also affect your employment prospects. More and more employers are looking at their applicants' financial status as a measure of their ability to dedicate themselves to the job without personal-life distractions.

If at all possible, look at "debt snowball". You can find it on Dave Ramsey's website or google it and find it on other sites. My dad showed my how to do this when I was a young man and newly married twenty years ago. If you can do it, it pays debt pretty fast and keeps you from ruining your credit, paying fees and all the other stuff people have warned you about on previous posts. Good luck!