TweetI've never done this nor do I need to do it. It will ruin your credit in the start. They close all accounts, put a note on your credit report saying that you're on a credit management program(you wont be able to get credit) and the only thing good about it, is one payment.
Unless you're in debt so much, I would just make more of an effort to double payments. Didn't you just take a loan on the ring for your GF
The reason I know about this is because my good friend owns a business like that here in Miami. Don't get wrong, they can help you lowering payments to 1. But in the end, you'll only hurt yourself and creditors will only look at you as not being able to be responsible and it will only make it harder for you to get credit later.
You're better off going to a financial advisor(depending on how much asset's you have, if any) and having them lay out a plan for you. I only have 2 credit cards on me(BLUE-Amex & Discover), other than that. I have no need for other credit cards, I use my check card from Bank of America.
I never understood why people get department store cards, jewelry cards, etc...If you have 1 or 2 credit cards, why get more
Remember this; Credit cards is money you don't have. If you can't budget yourself, close them all. I give myself an allowance of $50 a week(not including dinners or going out) and that's what I have to use to buy anything I want.
I also put away on my 401K every two weeks I get paid. Not including other CD's I have from myself and my family. If you don't manage your money at a young age, you'll be fucked by the time your 40yrs old. I'm excellent when it comes to buying or putting money away. If you don't have the money in the bank, DON'T SPEND A DIME !!!