Debt Consolidation
I went to college for about 2 years and racked up close 2 $20K in student loans. I am getting married in under a year & the Bills just seem to keep adding up my fiance gave me the idea of filing for Partial Bancruptcy which I really don't want to do but if it would get rid of my debt I would consider it??? I am just curious what happens when I consolidate My debt???
RE:
Hi sulloo,
Welcome to the debt consolidation care forum. There are many individuals undergoing the same problem with high amount of student loans as you. Debt consolidation packages are ideal in such situations. In this way all your loans will be consolidated into one single amount and you will have to pay the debt consolidation company in monthly payments instead of multiple creditors. Moreover your debt amount will be reduced to a major 40-60% and your late fees and taxes will also be reduced.
This conditions are not applicable in the case of bankruptcy. In bankruptcy you have to go by a payment scheme designed by the creditor and you have to pay the taxes and other fees continuously for the next couple of years. Added to these it also has a lot of conditions attached in order to free you from debts.
Debt consolidation packages make you debt free within a reasonable time and since student loans are under unsecured loans, debt consolidation is the right choice for it. For your information debt consolidation deals only with unsecured loans.
Congrats on your forthcoming wedding and we would appreciate your active and frequent participation in our forum. Please visit us more often and share your experience and knowledge with other members in the forum. Also visit the pub to share a light moment with other members. We look forward to your visit and give us the opportunity to take care of you.
Regards,
Jason
