It depends on what your goal is.
There are two types of consolidation.
One is you roll everything you owe into one big loan similar to paying everything off with a home equity loan that has a low interest rate. (Your goal is to pay off everything you owe)
If someone runs a credit report it will still show that you owe the same amount of money. $50k in debt to one creditor or spread out over 10 debtors is still $50k.
The advantage here is hopefully you will have a much lower interest payment on the debt. However your debt/income ratio remains the same.
The other method which is sometimes called "consolidation" is really nothing more than contacting your creditors and negotiating lower payments, reduced interest,...etc
Naturally business is pro debt consolidation because it means they will at least get some money out of you.
Keep in mind going this route does not mean your creidt rating will not take a hit.
However if your intention is to walk away from all debt than filing Chapter 7 may be the way to go.
The down side is a BK may stay on your credit report for up to 10 years. You will want to contact a lawyer for advice.
Best of luck!
If you want to know about the debt consolidation and its procedure then visit - http://www.galleryfinance.co.uk/consoli … tion-loans and get the all the information about the debt consolidation loans..
by Karina S. 7 years ago
Debt consolidadation- is do it yourself -good idea?
by djkccj 7 years ago
If I am already with a Debt Consolidation company and I feel that they are not on the up and up...can I change to another one? I picked this company because at the time I was in need real bad and was way behind. Since I have been with this company I have paid on time but looking at my bills...
by sid_candid 7 years ago
Today one of my hub was unpublished by Hubpages stating that it is on a forbidden topic. I never knew debt which is one of the highest paying topic in adsense is a forbidden topic at Hubpages. I would request Hubpages moderators to unpublish all my hubs on various debt topics as I have about 15-20...
by Daniel Mollat 6 months ago
I've been reading about the use of long tail and medium tail keywords. Can someone please give me an explanation of these terms? What are examples of long tail and medium tail keywords? Is there such a thing as a short tail keyword?
by Pamela Lipscomb 7 years ago
http://hubpages.com/hub/Credit-Repair-H … dit-ReportThis hub specifically talks about repairing your own credit and not how to consolidate credit cards or other debts.The first time I contact HubPages about it I received this response. Yet the warning was not removed. "To:...
by Bible Studies 7 years ago
Does the warning mean it is unpublished, or that it may be unpublished later on?My hub breaking free paying off credit card debt is about budgeting. A snowball debt elimination in which you find out what is the best way to pay down your debt. For example, is it better to pay off the lowest balance...
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