# Debt Consolidation **URL:** \ **Category:** Factual Questions\ **Created:** [April 23, 2003, 1:29am UTC](https://boards.straightdope.com/t/debt-consolidation/170481 "2003-04-23T01:29:29Z")\ **Posts on this page:** 3\ **Page:** 1
**Author:** ![LanceUSMC](https://avatars.discourse-cdn.com/v4/letter/l/0ea827/32.png) [@LanceUSMC](https://boards.straightdope.com/u/LanceUSMC)\ **Post date:** [April 23, 2003, 1:29am UTC](https://boards.straightdope.com/t/debt-consolidation/170481/1 "2003-04-23T01:29:29Z")
I have heard a million different things about these debt consolidation companies, some good, some bad. Supposedly they work with your creditors to get your interest rates lowered, lower your monthly payments, etc.; and they claim to be not-for-profit. A few questions come with this: Does anyone have experience with these companies (good and bad)? Does it lower your credit rating? Apparently they make money or there wouldn’t be so many. So by not-for-profit, does that mean all the money goes directly to the employees instead of a big surplus for the company? ---
**Author:** ![brianmelendez](https://avatars.discourse-cdn.com/v4/letter/b/65b543/32.png) [@brianmelendez](https://boards.straightdope.com/u/brianmelendez)\ **Post date:** [April 23, 2003, 1:37am UTC](https://boards.straightdope.com/t/debt-consolidation/170481/2 "2003-04-23T01:37:07Z")
**LanceUSMC** , this thread from last week may help answer your question: [Credit services](http://boards.straightdope.com/sdmb/showthread.php?s=&threadid=177024) ---
**Author:** ![LanceUSMC](https://avatars.discourse-cdn.com/v4/letter/l/0ea827/32.png) [@LanceUSMC](https://boards.straightdope.com/u/LanceUSMC)\ **Post date:** [April 23, 2003, 1:45am UTC](https://boards.straightdope.com/t/debt-consolidation/170481/3 "2003-04-23T01:45:35Z")
Yes, I actually saw that out there, but never did a search like it said. So, thank you! I know some are legit and some are not and one would need to be careful. What about the last two questions? Anyone?