Debt Consolidation: Shady or Not?

[superclown]

Retired parents have $70,000 in debt spread across 5 cards, ranging from 15% to 25% interest. We received an offer from a debt consolidation company (Strategic Consulting) to “restructure”the current payment plan. Their proposal includes a $700 reduction in Monthly payment, 0% interest and a total savings of $40,000 as well as a time frame of 2-4 years to pay off the debt.

Obviously the alarm bells went off as the numbers don’t add up and it seems to good to be true so I have a few questions:

Does anyone have any experience with this company: Strategic Consulting?

Is debt consolidation a viable option to resolve the debt? It seems like a shady industry based on my research

What (if any) viable options are there to resolve the debt? Please bear in mind my folks are retired as well so income is limited,

Thank you.

[Friede]

Working with debt relief companies requires caution, as some may engage in unethical practices. Researching a company's reputation and track record is crucial before signing up for their services. I am convinced that guide to lenders is a reliable source for evaluating a company's services.