Are you having trouble making ends meet? Are your bills getting the best of you? It happens to thousands of people every year.
After covering the mortgage payments and other essential costs there is often little or nothing left to pay off those credit card bills.
What little money you do have has to go towards food and utilities and other costs that are hard to avoid.
It seems like a never ending road.
No matter how hard you try you just can not seem to get ahead.
If you are contemplating bankruptcy you may be in need of debt help as there are options besides bankruptcy.
One way to get out from under credit card debt is to get a debt consolidation loan.
This is a way to get all of your unsecured debt on one lower monthly payment.
Instead of making five or six separate high interest payments every month you will be able to make one smaller payment.
A loan is not always the right answer for debt problems, but in the right situation you will be able to save money by doing this.
You will pay for a longer period of time but you should be paying a low interest rate.
Credit card interest is extremely high in most cases so the rates on a loan are often better.
If you use a consolidation loan for debt help you will pay one low monthly payment a month.
A consolidation loan is generally set up to be paid over several years.
When you figure how much time you have already spent paying on your credit cards and still are nowhere near having any of them paid off, it is not any worse than what you are doing now.
It should actually be better due to the fact that you will save so much in interest.
It also will do away with any late fees you had to pay on the credit cards.
That is a big savings right there.
You will be left with a payment that you can afford.
This means being able to get back on your feet, which has to be far preferable to the alternative of bankruptcy.
The way a consolidation loan works is you talk with a financial institution and let them know what you owe on all of your unsecured loans.
This would include unsecured bank loans, credit cards and store cards.
The financial institution will pay off all of the debt you have.
You then would pay the financial institution one low monthly payment every month.
It is important that you do not start collecting more debt after the loan provider pays off your old debts.
This will land you in serious trouble.
You are going to want to change your spending habits.
Write up a budget and stick to it.
With a consolidation loan, debt help is here without having to file bankruptcy.
You may actually be able to start to save money for a rainy day.
Bankruptcy is not the answer if you can qualify for a debt consolidation loan.
You have to think of bankruptcy as a last resort.
It has many serious consequences and will destroy your credit for a very long time.
If you go bankrupt you lose all control of your assets, which can mean losing your home.
It can also result in being prevented from holding certain positions of jobs ever again.
A consolidation loan looks good on your credit.
It will actually help you to rebuild your credit.
If you need debt help you should consider a consolidation loan to get back on your feet.