No. of Recommendations: 0
First, congrats on paying down the debt. I did Genus too, and have had no complaints. They negotiated my largest account down to 0%, the others went to 2% and 6%. The combined monthly minimum went down tremendously (even with the roughly $7 service charge each month). I was still paying more towards the principal each month than I had been when I was trying to pay back the cards at their original rates. In addition, now that I have paid in full, there is no indication on my reports that I had been in a repayment plan.

When I got a bonus from work, gifts from parents, or just had a little extra cash lying around, I sent more than the minimum. I started shortly after I graduated college, with more than $10,000 on three cards. I paid off the total in less than four years. When I started the program, they told me if I made the regular payment, I'd be done in eight years. As an aside, I owed more than $30,000 on student loans; as a result of having manageable credit payments, I have never missed a payment on the student loans in five years of repayment.

No one ever said you can rebuild your credit in an afternoon. But, if you are struggling with mountains of consumer debt, you probably shouldn't be looking to take on a significant new obligation (mortgage) until you have found a way to stabilize your situation. If you have the option to consolidate to a lower interest personal line of credit, I would go that route first. If not, a debt management program might be a reasonable choice.
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