Posted on March 25, 2009 at 8:10 am If the interest payments are higher than the debtor can pay then debt is a problem. Then we have to go with debt consolidation. Normally debt consolidation involves borrowing from one lender (Normally banks), at a low rate of interest, sufficient funds to repay a number of higher interest rate debts (i.e. credit cards). So, the debtor pays some payments to many different creditors with one monthly payment to another creditor consolidating debts. Thus their monthly budget can be simplified. Though there are some hassles to have a second creditor in some case but it may be better than a stocked debt

Posted on March 26, 2009 at 9:09 am I know it that all in over asian countries it is really hard to get a loan or a credit card. In my country (Bangladesh) I found that the rich men/businessmen can get a loan or credit card easily and statistic report said most of the rich men an businessmen are in bad credit according their papers. But are getting more credit ha ha ha ha......

Posted on March 26, 2009 at 12:30 pm In the US, the reverse is true.  The poorest families can easily obtain easy credit card debt, but due to lack of income cannot easily repay. It's a very sad situation and I hope that people will think twice before accepting the credit card loan.  It's not free money and must be repaid unless one wants to face consequences. I have not tried debt consolidation, but I've heard that it works well for someone with lots of student loans.

Posted on April 4, 2009 at 7:28 am Though  I have said about my experience of Debt and one of my friend who is drawned untill nose with debt. In that case debt consolidation is the best friend. I have suggested him to go to a bank but banks are not interest to any one who are going to them. Our banks help them who has no need any loan or consolidation.

Posted on April 4, 2009 at 11:26 am this is a good idea but i think difficult to implement you see getting a low interest debt or loan as you say is not that easy to get although the times are changing it might really not be practical anyways i dont think the company to be interested to give a loan to pay back one.so there is  my point

Posted on April 4, 2009 at 12:31 pm Nice idea there. But the problem in our country (Philippines) , when your in credit card trouble it reflects to your credit status immediately. Thus consolidating your credit card debt by getting a loan from a bank is quite very impossible. Banks here will not grant you loans if you have bad credit records.

Posted on April 4, 2009 at 2:01 pm In the US, the reverse is true.  The poorest families can easily obtain easy credit card debt, but due to lack of income cannot easily repay. It's a very sad situation and I hope that people will think twice before accepting the credit card loan.  It's not free money and must be repaid unless one wants to face consequences. I have not tried debt consolidation, but I've heard that it works well for someone with lots of