Can you consolidate credit debt more than once?

In the past, I have used a credit consolidation group to get rid of credit debt. Which worked... until I went and got a few more credit cards. Stupid, I know - BELIEVE me, I know. However, I know I am now really ready to end my cc use for good... I'm in a much better place financially and I just need to get rid of the debt so I can get on with my life. Will a consolidation group let me do this again? And, if so, would it look permanently bad on my credit that I did this twice? Or are there other things about doing this again that a consolidation group would likely not tell me? Please no lectures about credit cards - I realize all too well what I have gotten myself into. I just need the facts from someone who really knows what they are talking about. Thank you. :)

Public Comments

1. I would say that it would probably be really bad if you did it a second time. Think of it from the point of view of someone who is going to lend you money. Your credit report is like a resume. So you got in over your head once and went to a credit consolidator. (from what I have seen they almost always bring you to the brink of insolvency to get your creditors to reduce their terms in the hope of being paid) now fast forward a year from now and a second one is on your credit report. I doubt anyone would lend you any money at that point, nor ever again. Why not take this situation on its own. You said yourself that you are in a better place financially. How about this: 1 Setup your paycheck to do direct deposit 2. ask your bank if they have free online bill pay, if they do (almost all of em do) setup a second account and have your paycheck deposit 90% into the second account with the remaining 10% into your regular checking account. 3. Setup all of your bills on your online banking to draft off of the second account (the one with 90% of your paycheck) with at least 2times the minimum payment on all credit cards. 4. In several months you will love how good it feels to see all of your balances going down and not ever worrying about paying bills on time or having enough money. IF you stick to this you can seriously pay down your debt very quickly. Also you will still have "going out money" and money in your regular checking account. Now after 3 months if you accumulate money in the second account and all of your bills are starting to catch up you get do decide wheather to reward yourself with a night out on the town or you can make a lump sum payment into your highest credit card. Finally there is one last thing you will have to do, and this is the true test of your resolve and how serious you are about fixing your situation: cancel all but one of your credit cards. Take the one remaining credit card and have them reduce the available credit line to $5000.00 (this is now your emergency fund) Start saving money and when you have 6 months of your expenses in the bank sitting safely in a money market account drawing interest, you can reset your direct deposit to allow you more "spending money" ITs not fun for the first year, but with the way that lending is getting out of hand I am sure the alternative of sueing their debtors (which is a very real possibility for a credit card company that doesn't get paid) will be much appreciated and possibly rewarded! if your really serious about fixing your situation this will work!
2. It really depends on where you go. I'm sure a lot of those agencies are great, but I'm sure a lot of them can be evil too. If you want to ask the same agency you used before, I'm sure they would probably be honest with you. Of course, depending on how badly you got yourself in debt again, you may be able to get a consolidation loan through your bank for a better deal. It pays to shop around. Trust me when I say this, I know how you feel. I used to have great credit until I got married to my first husband, then it all went downhill. Now that I'm married again, after 6 years of marriage, we have finally gotten another consolidation loan, have paid off a bunch of credit lines (including a $5000 line for a dirt bike). The payments on our current loan are lower than just the payment for his dirt bike. Needless to say, we have learned our lesson and have changed our ways. I know it sounds easy to do it, but you really have to be strong. Contact your bank and see what you can work out.
3. ouchhhh ouch ouch ouch for your own good i really strongly advise against that, its going to look really bad to creditors.