Consolidating debt versus bankruptcy

24-May-2015 13:39

– DO NOT EVER take a secured debt (like a 2 Mortgage or HELOC on your home) to pay off your unsecured debt.

Ok, that might be an overstatement and there could be a situation where doing such a thing makes sense, but we have yet to see it.

There are a number of issues that should be considered when thinking about Debt Consolidation: – It only is an option for a small segment of consumers.

– It involves a long duration (usually years) thereby increasing the likelihood of default due to a life event such as health issues or job loss.

Debt Settlement vs Debt Consolidation Debt Settlement is the process of offering a lump sum in one or just a few payments that is smaller than the outstanding debt.

Debt Consolidation is the process of “working with your creditors” to establish a more manageable payment plan over a long duration.

– It typically only reduces the interest rate, not the balance, you have to pay the fees to the company negotiating, and thus is usually financially the weakest of all debt options.– Oftentimes if you deal with a less than reputable debt consolidation company they do not tell you if one of your debts does not want to negotiate.

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