avoiding bankruptcy

Hi Christina
Welcome to the forums

In a debt consolidation program all your debts will be consolidated into one debt and your interest charges will be reduced as well as your late fees will be eliminated.

All this depends on how well your debt consultant negotiates with your creditors. If the negotiation is successful then you will be allowed to participate in the monthly repayment scheme where you have to pay a small amount to clear off your debt and that also according to your affordability.

If you can get rid off debts then there will be no necessity to file bankruptcy in the court. In this way debt consolidation helps people suffering from debts to avoid bankruptcy.

Hope you will find this answer useful

Regards
Peter