If you are one of those impacted by unemployment or have seen your family income decrease, instead of turning to bankruptcy as a first option, you may want to consider debt consolidation instead. While it may not seem as if it's as fast of a solution, the reality is bankruptcy filings take time, cost money and there is more of a negative hit to your credit that way then going through debt consolidation.
It's important to note that debt consolidation is not a loan, it's a scenario where professionals help you to negotiate a payment option that also includes credit counseling and can include budgeting classes. The full premise behind it is to not only get your credit score to increase and to pay off your debts but to help you to be able to stay debt free in the future. There are situations where bankruptcy may be your best option, but you should take the time to make sure it is truly the best option for your particular financial scenario.
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