In our many years of experience, we’ve found that there are two types of credit consolidators: bad and really bad. These companies are essentially collection agencies for your creditors. They make empty promises to people facing overwhelming debt obligations, often promising to settle their debts for pennies on the dollar. They then collect monthly payments from struggling Connecticut residents who can ill afford to lose them to plans that offer no true solutions, led on by false promises and mirage solutions.

Make sure you fully understand all the steps of any debt consolidation program. They often take too long to avoid lawsuits or a full solution to all your debt problems. Your financial situation may actually grow worse. Amounts go unpaid, and you can end up facing lawsuits by creditors, as well as owing larger amounts than you started with before debt consolidation. If it’s not done right, a credit debt consolidation program can quickly hurt you more than it ever helps you.