Are you burdened by debt? You are not alone. Consumer debt is reaching an all time high. Whether your debt problem is the result of a sickness, unemployment, or just overspending, it can feel overwhelming. In your effort to get out of debt, be on alert for advertisements offering seemingly quick fixes. While the adverts promise debt relief, they rarely tell you what they mean is BANKRUPTCY. And though bankruptcy is an option to deal with financial problems, it is generally considered the last resort option. Here is the reason: its long-term negative impact on your credit. Bankruptcy info (both the date of your filing and the later date of discharge) stays with your credit report for 10 years, and will hinder your ability to obtain credit, a job, insurance, or even a place to live.
If you are interested in a debt consolidation plan you will be able to combine most, if not your complete unsecured debt and make one simple monthly payment. The debt accounts will still exist, but will be paid monthly through your account. You may find that by engaging in a debt consolidation program you will become much more organized and accurately know your financial obligations for each month. Debt consolidation can also lower one's monthly payments.