what is a better long term solution bankruptcy or debt consolidation?

Neither. both will scar your credit for 7-10 years.

Debt consolidation is a loan. The loan proceeds are used to pay your creditors and you repay the loan to a debt consolidation agency. This option works best if you qualify for a loan high enough to cover your debts and those debts have high interest rates. What most people don’t know about Debt Consolidation is that these companies are owed by banks. Your creditors pay them a kick-back. They work to lower your interest rate, but if you miss one payment, the interest rate will skyrocket! One of the other disadvantages about Debt Consolidation is that it will show on your Credit Report as a 3rd party controlled. This will scar your credit for up to 7 years! Also there is no reduction in the debt owed; you could be paying on your consolidation loan for 5+ years!

Bankruptcy is usually the very last option someone chooses. Bankruptcy laws have changed and are more restrictive than in the past. Once completed, most have a long and difficult path to re-establishing their credit. Bankruptcies remain on your credit report for up to 10 years. Also it can take $5k to even file with an attorney!

Bankruptcy is more damaging to your credit history and will stay on your credit report for a longer period of time. All things being equal, debt cosolidation is preferable to bankruptcy, but working with the creditor to the pay the amount in full is the best option.

For personal finnance

that depends on the debts now doesn't it

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