what is better bankrupcy or debt consolidation?
Saturday, October 31st, 2009 at
2:34 am
I һаνе very high unsecured debt. I саח′t keep up tһе minimun payments. wουƖԁ debt consolidation bе tһе way tο ɡο, οr ѕһουƖԁ I declare bankrupcy.Wһісһ wουƖԁ һυrt mе more іח tһе long rυח?
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Tagged with: bankrupcy • Debt Consolidation • Unsecured Debt
Filed under: Money Saving Tips
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Bankrupcy should be your last resort. Do not declare bankrupcy if you can help it.
If you consolidate your loans they will charge you a fee to do so. I would not consolidate if I could help it. You do not want to incure more debt. Follow the following steps.
First prioritize your bills
1)Shelter, food, utilities, transportation are your first priority pay these bills first.
2)Eliminate non essentials –cell phones, cable TV, internet ect.
3)Negotiate with creditors
4)Sell stuff to get cash
5)List bills with total payoffs from least amount to greatest amount and pay the minimum on everything except the first bill where you apply as much as possible until its paid off then go to the next bill.
Reseach the snowball payoff schedule online