Is debt consolidation a better than bankruptcy?

It depends on your situation. Sometimes bankruptcy is a better choice because it clears up your credit faster. Under debt consolidation your credit is going to be impacted until all your debts are paid which could take several years... and your credit doesn't start recovering until that date. Still I always think it's better to pay your debts. It's the right thing to do.

Paying your debts is always better then bankruptcy, which will make it pretty impossible to get a loan again far into the future. Doing the debt consolidation yourself is better than employing a company, because they charge fees better spent on reducing the debt.

Banks won't tell you that paying a quarter of your monthly mortgage every week instead, slashes thousands off your overall bill and sees it paid off years earlier. It means you also pay the equivalent of an extra monthly payment every year, but if you budget weekly it is often easier to include this as a regular weekly expense than to have to find a lump sum once a month.

You have most to lose if you lose your home. Look after your mortgage first. If you have other debts, then tackle them in order of highest interest rate. If the amounts are not huge, you could possibly consolidate them into one credit union loan. That is what I did - got rid of everything else outstanding with one credit union loan, then only had to pay them weekly. In my case, I got a lower interest rate, which helped me get the loan down faster, and I got an annual dividend as well. One year at the AGM, they said business had been good, so they also gave a rebate to everyone who had paid interest that year. When did your bank give you money back because they had made more profits than usual?

If you can take charge of your debts into your own hands, it costs you less in the end. Do everything you can to pay off more - earn more, cut spending, even search down the sides of sofas for lost forgotten coins. You can do it. I did. Good luck !!!!

Bankruptcy should always be your last resort. In my opinion debt consolidation is definitely better than opting for bankruptcy. Always remember that bankruptcy may save you from debt, but it remains on your credit report for a fairly long time, making you ineligible for further loans. So before you decide to file for bankruptcy, consider its pros and cons and also get debt advice from reputed debt management companies such as debtburst. Also go through this article to understand why debt consolidation is better: http://ezinearticles.com/?Some-Reasons-Why-A-Debt-...

whether his call isn't affected interior the financial ruin; your lenders will anticipate the co-signer on the loans to pay. meaning you would be leaving your grandfather totally in charge. the different ingredient with a financial ruin is that it will stay on your credit checklist for 7 years. this would possibly no longer appear like a great venture suitable now...even nevertheless it's going to make it lots greater good so which you will purchase a automobile, a house, get a credit card. you pays attention great memories approximately submitting and then getting all varieties of great provides interior the mail. nicely, you do get various provides; yet they contain a cost. working example, merely to have a credit card after financial ruin will fee you a minimum of $80 consistent with year...merely to HAVE the cardboard. quite probably perfect suited may be for you to find somebody who assist you to do a debt consolidation. this provides you one month-to-month fee and it fairly is in many cases a decrease pmt than what you're at the instant paying AND there'll be an bring about sight. in case you get a 4 year own loan, you realize the debt would be paid off in 4 years. sturdy success! i'm hoping you could consolidate. i think of it's going to be lots less difficult for you.

Read this: http://www.molleurlaw.com/blog/view/debt-consolida...