I have browsed on several credit fix online. Some are offering free service. What specifically is the chance that these companies are worth my trust?
Sure, you can sign up with them for free. What they’re going to do is call all your creditors, "talk them down" to a lower price for the money you owe, add it all up, present you with a payment plan and take a fee.
Either that or they outright buy your depts from the credit card companies. That way, they make the interest while you make the payment you set up with them. CHA-CHING. They can offer you "free" service, because they are getting interest…and they decide exactly how much that will be.
It’s legal and it works. If you make the payments. If not, you’ll be looking at those interest charges. They can also charge you fees, just depending on the contract you sign.
It also "dings" your credit. Not as badly as a bankruptcy, but close.
The thing is, you can do it yourself.
Call your creditors. Ask for a settlement or any discount. Tell them how much you can pay each month. THEN PAY IT. With the economy circling the drain, they’re grateful to get any money, as long it’s a reasonable request.
No credit ding. No middle man.