Consolidating debt vs bankruptcy Myfreecams canada

15-Jul-2017 06:52

These other options involve consolidating your payments through a credit counseling service or consolidating all your debt through a debt consolidation loan.

The fact is that if you really could afford to pay off your debts, you’d have done it already.

If you are considering a Chapter 13 bankruptcy to keep your home you might want to first pursue the debt consolidation option.

If you’re feeling overwhelmed with debt, you might be considering a debt consolidation loan – after all, the idea of rolling all those maxed-out credit card bills, massive student loans, car payments, and other financial liabilities into a single payment seems pretty appealing, right?

Unfortunately, debt consolidation programs aren’t quite as simple, or as affordable, as many people are led to believe.

While avoiding bankruptcy through any means necessary might seem like the right choice, all too often consumers wind up spending more, and owning less, when they opt for a debt consolidation loan instead of filing for bankruptcy.

This recommendation includes any of you reading who may have committed to settling credit card debts that you stopped paying some time ago.