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Is Debt Consolidation a good idea?

Is debt consolidation a good idea? ?

  • I'm unemployed and I'm really struggling with debt. Its been so difficult to get a job and its been really hard to keep up with the payments. I've even considered bankruptcy and even working in the adult entertainment industry I'm getting desperate someone help me I'm going to lose my mind. It sounds like a good idea but I heard that debt consolidation can hurt me in the long run, is this true?

  • Answer:

    Do not fall for the many debt consolidation scams out there. They charge you thousands and do nothing for you. (remember, no one works for free). And no one is going to lend you money if you don't have a job. Do not fall for the onlnie loan scam. They have no money to lend. They are out to charge you or steal your identity. Non-profits can only help you if the items are not in collections. NFCC.org You have no job or savings. If these creditors sue you, there is nothing they can take. Why does debt consolidation (real if you could get it) hurt you? This is a loan that would pay off all your debt and credit cards. People turn around and run up the credit cards again. About 90% of people that do these end up in bankruptcy anyway.

Curly Q at Yahoo! Answers Visit the source

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I'm in the same situation, house in negative equity, £36000 of debt and I earn half the money I was five years ago. Don't worry about it!!!! Speak to CCCS, there a charity and won't screw you over like many of the debt management companies out there. Google them and call them and they will point you in the right direction. :-)

Saman

Well, first off, you would need to know if you would even qualify for bankruptcy. Here is a law article that has a means test-to show you qualification factors: http://www.honglaw.com/articles/chapter-7-means-test/ As far as debt consolidation goes, yes, the things you heard are often right. There are many, many companies that act in dishonest factor and can actually hurt you in the long run. Here is another article on the dangers of debt consolidation: http://www.harmonlegal.net/articles/debt-consolidation-dangers.aspx Also, keep in mind that debt consolidation DOES affect your credit rating score as well. Many people think it's a way to keep that in place. This is not true. Lastly, this link has a number of bankruptcy resources which may help you: http://www.bradford-law.com/ All in all, there are downsides to each but many people do think bankruptcy is akin to the end of the road. This is really not true. Depending on the situation, it can actually help people to get back on their feet again.

Amy Kloster

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