The time has come- something must be done about your finances. You are over your head in debt with no hope in sight without some type of outside help. In days before, filing for bankruptcy was the only choice for those falling into these unfortunate situations, but there is now another choice: debt consolidation services.
Debt consolidation services have a large advantage over bankruptcy because when you consolidate, you will receive permanent relief from your debts. With bankruptcy you may still have to pay state taxes and certain other debts.
Bankruptcy may wipe out some debts for a flat fee without the monthly installments required of debt consolidation services (the service uses a loan large enough to pay off all debts and the individual pays each month on this loan) so it may seem like a better deal. Realize, however, that filing for bankruptcy will remain on your credit history for 10 years and for 20 years on court records. The effects of this on your future credit and even employment are tremendous. When you finish paying off your debt consolidation loan through using debt consolidation services, you may be astonished at how it has helped your credit score instead of leaving a long-lasting stain on your credit.
A final advantage that debt consolidation services have over bankruptcy is that you won’t have to let go of your personal valuables. You may need to budget tighter to make sure that you will never miss a payment on your debt consolidation loan, but that is a small trade compared to a court ordering you to turn in your car, valued jewelry, and property to pay off your creditors during a bankruptcy case.
If you’re looking for help in your finances and feel overwhelmed by it all with no hope in sight, don’t immediately go with the “tried and true” remedy of bankruptcy because it is not always the “true” remedy for each individual. Seek advice from a knowledgeable company dealing with debt consolidation services today and fix your past credit problems without harming your future.