Should I Use A Debt Consolidation Company? Yes Or No?
Posted on
July 16, 2009
at
2:27 am
Just to let you know, I am behind on all my payments. I am losing sleep and my health is affected because of stressing over all my debts. I need your help on this matter and i hope you can answer my questions: should i use a debt consolidation company?why should i choose it over bankruptcy?what are its long term benefits for me?
Posted on
July 16, 2009
at
3:12 am
Pom Pom, debt consolidation is also an umbrella term for processes that include debt elimination. In order for you to consolidate your debt, you can either go thru credit counseling, enroll in debt settlement, or acquire a debt consolidation loan.To answer your question should I use a debt consolidation company, it depends on your current financial situation, because each mode of debt consolidation works best according to the individual's current need. Also, if you want to prevent filing for bankruptcy, then undergoing debt consolidation is the best bet for you.
Posted on
July 16, 2009
at
4:20 am
I'll touch on the bankruptcy question--bankruptcy has long-term effects on your credit and on your life, as well. For starters, Chapter 7 bankruptcy stays on your credit report for ten years, and Chapter 13 does so for seven years. They also appear on your public records for twenty years. If you consult the services of debt consolidation companies--the types of which Caffeinatrix enumaerated earlier--you'll be able to pay your bills and get back on your feet. I would say that you consider it as a last resort if you really are unable to pay for your bills.
Posted on
July 16, 2009
at
4:21 am
Oh, and my apologies for the double post, but--could you tell us a bit more abt your current financial situation? From there we can be able to answer your question the best way that we can.
Posted on
July 16, 2009
at
4:59 am
let's just say i am behind on mortgage, and my husband also owes some money from his student loan lender. out joint debts total $53,000 and we are hardly ever making enough to cover even the minimum. so what do we do now
Posted on
July 16, 2009
at
10:42 am
If you are behind on your mortgage you need to do your best to catch up on that to keep the roof over your head. The question that needs to be asked is what debt consolidation company may be suitable for you considering your needs. There is credit counseling or debt settlement- or you could take out a loan but considering your situation that is probably not the best option.
Posted on
July 17, 2009
at
4:14 am
Can you tell me about settlement please? My husband is insisting on bankruptcy and i really am against it, but oh, what can i do. i want to convince him otherwise
Posted on
July 17, 2009
at
4:42 am
Settling your debt will allow you to pay around 40-60% of your total owed amount only, for a span of 1-3 years. If you acquire the services of a debt settlement firm, they will negotiate with your creditors on the amount.
Posted on
July 20, 2009
at
3:02 pm
If you are asking- should I use a debt consolidation company?- and are thinking about settling your debts, keep in mind the following pros and cons: 1) In a debt settlement program, you have the potential to pay a much lower monthly payment. 2) You could potentially save a lot of money. 3) You could potentially get out of debt in a fairly short period of time. 4) Your credit will suffer. 5) You could get sued. 6) You will get annoying collection calls while you are in the program.
Posted on
July 20, 2009
at
3:42 pm
Those are some helpful pointers. And a lot of "potentials" in there, which is good because the success of a debt settlement program does indeed vary from person to person. It depends a lot on who and how much you owe. So, if you ask should I use a debt consolidation company and you are thinking about settlement, make sure you are a good fit and understand the basics.
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