Debt Consolidation Question ??
Date: Mon, 08/03/2009 - 00:21
The commercials scheduled television creates it sound like a debt consolidation loan resolve all my financial troubles. Are these loans actually the ideal method to solve my debt issues?
Thanks in Advance...
Not always. It'd depend upon your current financial status. Each
Not always. It'd depend upon your current financial status. Each situation differs from the other. Hence, consolidation loan can't be the panacea for all. Debt consolidation does have its pros and cons. Therefore, you need to evaluate all the aspects carefully before making a decision.
Taking more loans to pay off your debts is usually not the best
Taking more loans to pay off your debts is usually not the best thing to do. If you can't make the payments either try to negotiate with your creditors yourself or consult with a reputable debt settlement company who can negotiate your debts for you. Your other options could be are bankruptcy or debt consolidation. All of these options will effect your credit but bankruptcy is the most damaging. With debt settlement you can expect to reduce your debt by up ot 60% and your credit will begin to improve once your debts are settled.
I agree with Stewart. Paying off debt with debt may not always
I agree with Stewart. Paying off debt with debt may not always be the best thing. You should also take into consideration that in this economy, loans are very hard to come by. Most people looking for consolidation loans are already in credit trouble and most likely will not qualify.
Be leery of any TV commercial. They make a lot of promises but usually don't deliver. There are several ways out of debt. You should research them all and determine what is the best choice for you.
