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Getting Help when Debt Consolidation Options are Few
By Ashley Russell on June 17, 2011

1155329_62756779-(1).jpgWith these bad economic times, many Americans are running into money trouble. The debts accrued from things such school loans and house mortgages can become all too customary. There are a few ways you can go about managing these debts depending on the degree of debt you have reached.
A way to make these payments more manageable when you have less extra cash to spend on them is to consider consolidating your debts. Debt consolidation can be a way to make your debts easier to manage and interest rates lower. This process takes all of your different loans and combines them into a single monthly payment. This payment is lower than paying them all separately, plus the company normally lowers your overall interest rate to further help you. Consequently, you cannot have bad credit to do this process. But if you want to do this process and you have the opportunity, then it is a beneficial way to lower payments without hurting your credit score.

The next best thing to do when you are in trouble with your debts, but you are not qualified for traditional debt consolidation options is to look into debt settlement. Debt settlement is when a company goes in on your behalf to negotiate a low total payoff for all of your debts. This will completely eliminate your debts once you pay the fee that is settled on. This seems like a good idea; however, it does have a negative effect on your credit score. It is documented that you did not pay off all of your prior debts, but that you ended up settling instead.

If neither of these two options are available for you because you are too far in debt, then bankruptcy might be the only option left for you. When you declare bankruptcy your assets are used to pay off the debts that you owe. The creditors take all that they can take to substitute the payments, but then you are cleared of the debt. Bankruptcy hurts your credit score though so it should only be used when there is no other option.

Look into your options before you decide what to do to alleviate your debts or even eliminate them. Be sure to consider the repercussions of each action that you can take to see if it is something you are certain you want to do.
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