Wanted to provide some detail on one of the many debt relief programs one sees on TV these days. The ad you see below is being aired by Freedom Debt Relief on NBATV. The advertisement began with what appeared to be a regular guy with 17000 dollars in debt on 7 different credit cards. The fine print claims it is an actual testimonial portrayed by an actor.
The cost is 50% of the $17000 balance plus fees which push it up to 71% and you have to pay it off within 24 to 48 months. The actual wording is 50% of the enrolled balance which is a little confusing.
It is very likely that your consolidated monthly payment would be more than all the monthly payments of the 7 credit cards combined. This is because you effectively had forever to pay down your outstanding balances on all seven cards by making only the minimum monthly payment. You would pay more in the long run, but there would be no deadline.