Nope. You end up paying about the same amount, and if your mortgage is involved, it will reflect on your credit as if you filed for Chapter 13 bankruptcy. And only mistakes or transactions older than seven years can be taken off your credit report. A company that says otherwise is either lying or operating illegally.
Truth is, you can’t borrow your way out of debt. Ever. Here’s the key: Change your habits. Commit to a written game plan—a budget—and stick to it. Get an extra job and start paying off your debt. Live on less than you make. Becoming debt-free is not rocket science. It’s common sense and self-discipline. If you need a little extra help or encouragement, find a Ramsey Preferred Coach in your area. Or check out Ramsey+ and learn how to make the right moves to reach your money goals.