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So - Just What Is Debt Consolidation?
by Craig Thornburrow
Debt consolidation is one option you have for eliminating your debt problems. Debt in the form of loans, house payments, credit cards, and other bills can often add up in a hurry. It's as easy as falling behind on your payments for just one month

Debt consolidation is one option you have for eliminating your debt problems. Debt in the form of loans, house payments, credit cards, and other bills can often add up in a hurry. It's as easy as falling behind on your payments for just one month one slip can have you struggling to catch up for months after or even years. Borrow money to pay for these debts and you could find yourself with even higher payments than before and for a longer amount of time.

What Are Your Options?

When it comes to getting rid of your debt, your options are many: filing for bankruptcy, dipping into your personal savings, borrowing money from relatives or friends, and debt consolidation.


Filing for chapter 7 and chapter 13 bankruptcy are one of the most common forms of handling debt. The up side is that the majority of your debt will be gone once you've filed. The down side is that you may still have to pay certain bills, your credit will be destroyed, and you will still have to make tax payment for another three to five years and that's while you struggle to re-build your credit by keeping up with new bills.

Savings Accounts

Is this the emergency you've been saving for? Or is this the college fund for the kids or your retirement account? Do you even have a savings that would pay off the debt that you've acquired? Emptying your savings account to pay off debt could seriously change the course of your life, depending on your savings goal. Consider carefully before choosing this option.

Borrowing Money

Similarly, borrowing money from friends and family can change your life in ways that you may not be prepared for. Yes, the creditors may not be calling any longer, but holidays and Sunday dinner will never be the same and now when the phone rings, your annoying aunts will have ammunition.

Debt Consolidation

Debt consolidation is the best solution to create a debt-free life for yourself and your family. You work with a financial counselor to create one large debt out of your numerous small one, work with the companies to whom you owe the money and reduce the total payment and total bill to something you can handle. The reduction is usually somewhere in the neighborhood of 40% and 60% of where you started. Late fees and taxes are usually taken care of at the same time. And the next time you fight with your mother-in-law, she won't be able to use your money problems against you!

Craig Thornburrow is an author and business owner. For more information on debt visit his website at:

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