Advice on debt consolidation after bankruptcy

I can think of several possible solutions to your problem, depending on how old your debts are, your financial situation, and how much money you can afford to allocate to your debts monthly. If you follow the links below, I can put you in contact with a company that may be able to assist you in resolving these debts.

A secured debt consolidation loan may be right for you if you own a home. This type of loan is a home equity loan used to pay off your other creditors. Secured consolidation loans help many consumers by consolidating all of their debts into a single monthly payment with a lower interest rate and payment amount. However, be careful before you borrow money against your home to pay off credit cards and unsecured loans; you are converting what was previously unsecured debt into secured debt. This could cause you problems down the road if, for some reason, you are unable to make your payments or if life circumstances force you to file bankruptcy, as you may not be able to discharge the secured debt as you would unsecured debt. However, secured debt consolidation loans work for many people, so this is an option to consider carefully. The bills.com savings center is a great resource to help you find a lender for this type of loan.

Another option to consider is a consumer credit counseling service or CCCS. A CCCS compay offers numerous services, such as financial counseling, budget planning, and debt management plans (DMP). In a DMP, the CCCS arranges a new payment amount with each of your creditors, usually based on a reduced interest rate. You would then make a single monthly payment to the CCCS, which would distribute the funds to your creditors based on the new payment amounts. There are several drawbacks to CCCS, though. First, depending on your creditors, it may not be able to reduce your monthly payments enough to improve your financial situation. Second, it may have a negative impact on your ability to obtain a loan, so you may not wish to enter into a DMP if you anticipate any large purchases, such as a home or an auto, in the near future. Third, the average DMP takes around five years to pay off your debts, so you must be willing and able to commit to a long-term repayment plan.

You may also want to consider the services offered by reputable debt settlement firms. While I know that there are several fly-by-night debt settlement operations on the internet, there are also several very good operations that may be able to help you. Rather than making monthly payments to your creditors, These programs negotiate lump sum settlements with your creditors, frequently reducing your debts by 50% to 60% of your principal balances. These programs usually take only 2-3 years to complete, so it is a good option for many people to rid themselves of debt quickly. In many cases, they can also reduce your monthly payment toward your debt. There is one major drawback to debt settlement programs. They will significantly damage your credit while in the program and for at least a year or two afterward. However, if you cannot afford to pay your creditors, the hit to your credit may be worth the benefit of ridding yourself of credit card debt. If you are interested in re-exploring debt settlement as an option,

Debt settlement, also called debt negotiation, is a form of online debt consolidation that cuts your total debt, sometimes over 50%, with lower monthly payments. Debt settlement programs typically run around three years. It is important to keep in mind, however, that during the life of your debt settlement program, you are not paying your creditors. This means that a debt settlement solution of online debt consolidation will negatively impact your credit rating. Your credit rating will not be good, at a minimum, for the term of your debt settlement program. However, debt settlement is usually the fastest and cheapest way to debt freedom, with a low monthly payment, while avoiding chapter 7 bankruptcy. The trade-off here is a negative credit rating versus saving lots of money.

Depending on your income and the type and amount of debt, one of the options I have described above may be able to help you. i encourage you to explore the bills.com debt help page to read more about these and other options available.

I hope this information helps you find. learn. save.

Good luck,

bill

www.bills.com