debt consolidation?
April 7th, 2009
sherina d asked:
Hello all, I have a question regarding debt consolidation. I have about 15k worth of debt and have tried applying to two companies for a debt consolidation loan and was denied both times. I thought about trying what one of the other posters suggested , writing to the individual companies threating a voluntary bankruptcy order. I have about 10k in the bank, but I don’t want to borrow from that lender because I wouldn’t be able to use the money in my account. My credit is only good. What other options do I have? Thanks
Hi Sherina,
You have found with today’s lending world that consolidation loan’s are becoming harder to get and more obsolete. However there are programs that share the same befenits as a consolidation loan which can possibly get you out of debt sooner.
Debt settlement is a great solution, and for many americans it is the only effective alternative to bankruptcy. It works like debt consolidation in that you are paying one low monthly payment rather than multiple payments to your creditors. However, with debt settlement, you are hiring a professional service to legally negotiate your debts with your creditors for lesser amount than you owe. People who go through debt settlement programs typically complete the program within 3-5 years and end up paying less than they originally owed even when factoring in the program’s fees. Please see http://www.choicerevu.com to check out reviews on some great debt settlement companies!