Debt Consolidation Care Answers
Debt Consolidation Care Answers
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How to avoid bad debt bankruptcy !!  

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Debt Bankruptcy affects credit ratings. The clause of debt bankruptcy (link removed per TOS) remains in the debtor's credit report for about six years. Lenders deter from offering loans to people who have or had been adjudged bankrupt. This is often referred to as a bad credit case. Thus, it becomes necessary to avoid bankruptcy.

One way to avoid bankruptcy(link removed per TOS) is by debts consolidation and bills into a single manageable loan with an extended repayment term and low interest rate. debt consolidation loan enables the debtor to pay a low monthly installment that helps in paying the debts, thereby to avoiding bankruptcy.(link removed per TOS) -Debtcruncher
 

asked Nov 20, 2007 12:36 AM

gibsonpetry

1Answers

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A) Sorry gibson, I had to remove your links -- not allowed on this forum per TOS.

B) I am of the consensus that taking out a loan to pay off other debt is just 'robbing peter to pay paul.' If someone has $20K in credit cards, is the company you linked to seriously going to give out $20K unsecured to pay all that off? If someone is really having a problem with their finances, this doesn't solve the problem - it's just a band-aid to cover up the symptom, while the infection lingers deeper. Your solution doesn't avoid bankruptcy, it just postpones it.

answered Nov 20, 2007 05:03 AM

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