Is Debt Consolidation the Answer?
These days, many people are falling behind on their bills, are in debt, and are wondering if debt consolidation is the answer. It can be stressful and frustrating trying to decide how you will survive and pay your monthly bills, let alone prosper.
You’ve probably heard of the term “debt consolidation” and may be confused as to what it really means. A debt consolidation loan is a loan that is used to pay off other debts.
Many people consider this option; however, it can be costly and have added negative effects.
Take a look at some of the warnings associated with debt consolidation.
- Debt consolidation loan companies exist to make money. While it may seem like a good fit, you can lose a lot of money to these companies because they are always looking for a way to make a profit.
- If you do not make payments on time, your interest rate will skyrocket, and additional fees will be assessed.
- Many debt consolidation companies are scams. If you don’t do your research, you could end up in a more precarious serious financial dilemma.
- A debt consolidation loan could have a serious impact on your credit score.
If you are looking for other ways to improve your financial situation, you may want to consider bankruptcy. Although it has negative consequences on your credit score, bankruptcy is an affordable option to help get you back on track with your finances.
Bankruptcy can help in the following ways:
- Bankruptcy can allow you to avoid foreclosure. With bankruptcy, a temporary hold can be placed on your foreclosure and if you are able to meet your monthly mortgage payments, you may be able to keep your house.
- Bankruptcy can allow you to put a halt to wage garnishment. This will let you use your money to buy groceries and pay high priority bills such as your rent/mortgage and car payment.
- You may be able to avoid eviction with the help of bankruptcy.
- Bankruptcy can put a temporary hold on the shut off of certain utilities.
Where to get help: Call the bankruptcy attorneys of Geygan & Geygan
If you are considering bankruptcy, it is important to discuss your personal situation with a qualified bankruptcy attorney. With the help of a professional, you can better understand your options and the laws related to bankruptcy.
If you are looking for an experienced law firm to answer your questions and guide you throughout a bankruptcy proceeding, contact Geygan & Geygan. Call (513) 793-6555, or email firstname.lastname@example.org. Our office is located in the Kenwood area of