Once again Funny About Money has taken the time to explain something: debt consolidators are not your friends. Some of these outfits are OK--sorta--but it's hard to tell the real non-profits from the faux non-profits. Funny mentions that she is often offered "free posts" by these companies: so one gets an advertisement disguised as a blog post.
All I know is that the two people I know who sought help from debt consolidation companies--more than TEN years ago--are STILL paying their debt. One person told me the debt has grown--and then listed all the reasons why this was a good thing (??).
The best book I've seen on getting out of debt is an inexpensive paperback based on the model of Debtor's Anonymous: How to Get Out of Debt, Stay Out of Debt, and Live Prosperously.
I learned a lot from this book; it is more than a get out of debt tome: it's also about how to value your life.
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Having read Your Money or Your Life (and Joe Dominguez died rather young, actually) I began to understand the idea of exchanging hours of a limited life for 'stuff'. I don't find that many people care to talk about that subject, not just because it's a frugal idea, but because it touches on 'mortality'.
I suspect your acquaintances who turned to debt-consolidation agencies had deeper issues than simply the agency- like people who have gastric surgery for obesity, then keep gaining. I even think it is worth paying a reasonable amount for the service, if one needs it, just like other life coaching or financial services.
Yes, they should avoid sleazy agencies; local social services or their faith community (if they have one) should be able to refer them to an aboveboard organization.
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