If you don’t plan to change your spending habits, that is, you still plan to use your credit card for anything you want, then debt consolidation is not for you. The chase to catch up with your bills will never end. Putting the credit card away would be a first step, but not the only one you need to consider before deciding that debt consolidation is your financial savior. Here are some other questions you need to answer:
If you can’t answer yes to all the questions, then debt consolidation might just be another road in the wrong direction for you.
Alternatives to Debt Consolidation
The decision to reduce debt is very much like the decision to reduce weight: the sooner you get started, the easier it’s going to be.
Debt consolidation is an early stage treatment. However, if your debt has reached the obese stage, not just overwhelming, but embarrassing, you might need to look at debt settlement or bankruptcy as your way out.
BANKRUPTCY
Pros for bankruptcy:
Cons against bankruptcy:
DEBT SETTLEMENT
Pros for debt settlement:
Cons for debt settlement:
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