Debt Consolidation

Youre broke. Youve got bills that amount to more than what you could earn in a year. Heck, its even more than you could earn in a decade. You cant borrow from your parents, your relatives, your friends or your ex-partner. And your bank manager has personally written you a letter sadly, its not about the state of the weather but the state of your account. Its soooo like Becky in Shopaholic its almost eerie. But alas, there will be no multi-millionaire named Luke to go dashing to your rescue. So what to do? Switch on the TV, of course. The nonsense pouring out from the boob tube would surely lessen the stress. And then…something catches your eye. Whats that? Oh my. Is that a sign from heaven?

Should you try debt consolidation?

Over the years, debt consolidation has become a popular method to use to conquer those outstanding bills from credit card companies, student loans and so on. Originally, debt consolidation started to boom with countless advertisements in the Internet but after a while, it also began to advertise in TV. Making itself a focus of attention in such a way was both a good thing and a bad thing for debt consolidation companies.

Good because it made more and more people aware that debt consolidation may be something they havent considered to getting them out of the financial trouble theyve found themselves in.

Bad because their aggressive marketing has made other people --- like the government --- aware that they exist. And so now, a lot of debt consolidation companies have been targeted by a number of lawsuits over the years.

But first and foremost: whats debt consolidation anyway? In a nutshell, debt consolidation is adding up all your outstanding bills and bringing them to the debt consolidation company. Then you have them talk with your creditors in giving you more time to pay off or lower the interest rates or the monthly payments. Debt consolidation companies are very careful to emphasize that they dont make your debts vanish, only tolerable and they help you to become financial worry-free, if there is such a state of being. Debt consolidation is also now known as debt settlement and debt negotiation. Anyway, it all means the same thing.

So is it advisable to use debt consolidation or is it a curse in disguise? It truly depends. If you try researching over the Internet, youll surely come across articles that warn you against enlisting the help of a debt consolidation company because in the end, youll be more financially bankrupt than you were before. But some articles say that its a good thing because its a method where you can solve all your problems in one swoop.

In the end, its really up to you if you want to take a risk or not. If you do, then the first step you should take is to look for a debt consolidation company that you can truly trust. There are websites that list debt consolidation companies that are worth trusting. You can also check the Better Business Bureau for their own list but some say that a good rating with the BBB basically amounts to nothing. But if you don't want to use debt consolidation as a last resort, thats okay, because there are still other alternatives. You can talk personally with your creditors and assure them with your sincere desire to pay your loans off but requesting for a little more time. Sincerity always works. Then you can get counseling and enroll yourself under a financial fitness program or a therapy for those who are unable to control their spending.

You can find out more about debt at http://www.debt-guides.info

The site is not responsible for any content in it. E-mail: alldir[at]gmx[dot]com
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