We are always looking for new ways to communicate and share information.  A great way to do that these days, as you proabably know, is social media networks and blogging sites.  And you’ll find us on most of the useful ones; Twitter, Facebook, Blogger, etc.  They’re good networking environments–and we’ve used them to get the word out about debt relief and credit repair to tens-of-thousands of people.

Today we’re excited to talk about another cool spot on the web that’s new to us: Yedda.  What makes Yedda unique? Yedda is a social networking site that that’s based around Q&A sharing.  Members of Yedda input questions that are catagorized and literally mass-emailed to other users with similar interests and expertise.  Sound cool? It is. 

It’s always nice to help others.  We especially enjoy helping people with there finaincial challenges, so it was great to get our first email from Yedda.  Our question of the day was about debt relief–one our favorite topics:

“My husband and I are thinking about using a debt consolidation company to help us pay off our credit card debts by making one payment monthly.  Is this a good idea using debt consolidation companies? ANY BENEFITS AND WHAT ARE THE CONS?  Thanks.”

Well, we’ve already answered this question for our user(and so did many others!), but we thought we’d keep you in the loop and answer it here on our blog.

In our opinion, debt-consolidation is rarely the best way to resolve debt problems.  It work’s like this:

1. You pay a debt-consolidation firm (too much) money
2. They call your creditors to tell them you’ll be be making small monthly payments
3. You then begin making payments–usually very small payments because your money is split up between so many different creditors
4. Meanwhile, you’re being charged interest and late fees that keep your balance going up
5. Because your payments are so small, they are ususally applied, for the most part, toward your ever-growing interest charges.  As a result, you’ll probably realize after months (or sometimes years) of payments that you’ve hardly made a dent in your original balance.

Debt consolidaion is usually a highly expensive and time-consuming approach to debt relief.  It’s recommended, in most situations, to negotiate a debt settlement instead. Debt settlement is an easier, more sufficient and much cheaper way to resolve unpaid debts–and anyone can do it.

So there you have it.  Yedda.  A new way to ask questions, get answers, and keep in touch with the experts and know-it-alls in your field of interest.  Get help. Help others.  And have fun.

If you want to learn more about debt relief or credit repair, contact a certified specialist at My Credit Group (we still answer questions, too!).