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Debt Destroy

Is Debt Consolidation A Good Idea, Really?


ladyinwaiting Rep Points:
Posted on September 4, 2009 at 12:55 am
I am afraid of being defrauded, that's why I'm thinking twice about consolidating my debts. I know there are a lot of cases where these things happen. But from your point of view as experts on this field, is debt consolidation a good idea? Or do you think i should resort to other measureS?

Karess Rep Points:
moderator
Posted on September 4, 2009 at 2:01 am
We are not really as you call "experts" on the field, ladyinwaiting, but thank you for seeking us out in order to search for answers on your situation. I understand your apprehension on resorting to debt consolidation as a means to alleviate your debt problems, but to answer your query, "is debt consolidation a good idea," debt consolidation is one way for you to be able to eliminate your debts in a good way. Debt consolidation has different types and works well according to specific financial situations.

Purple Cow Rep Points:
Posted on September 4, 2009 at 2:50 am
Could you tell us more about you situation so we can help you out further?
Posted on September 4, 2009 at 11:54 pm

ladyinwaiting Rep Points:
Posted on September 8, 2009 at 5:30 am
i am trying to make ends meet, i lost hours at my job and i wonder, is debt consolidation a good idea for me, especially if my pay is very erratic and there's no guarantee that i can shell out extra for bill payments every month?

caffeinatrix Rep Points:
Posted on September 8, 2009 at 7:29 am
You have to have a steady source of income if you want to consolidate your debt. You are still required to make regular monthly payments to your creditors if you are to consolidate your debts. If you aren't able to sustain the monthly payments you run the risk of being in worse shape than before.