No. Debt consolidation does not work, and Ramsey Solutions does not recommend it.
Don't Fall for Quick-Fix Debt Scams
Some companies claim they can wipe your debt. Others claim they can clean up your credit. Use caution when evaluating these claims.
- You'll often end up paying about the same as you would on your own.
- Only errors or items older than seven years can be removed from your credit report.
- If a company says otherwise, they're either lying or breaking the law.
The Truth: You Can't Borrow Your Way Out of Debt
These steps are what actually work:
- Change your habits.
- Create a written budget.
- Stick to it every month.
- Work your own Debt Snowball.
- Pick up extra work to earn more income.
- Put that extra income toward your debt.
- Live on less than you make.
Getting out of debt requires common sense and self-discipline.