Free Debt Consolidation

Resource Author Francisco Rodriguez H.
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Credit card debt consolidation is a term that gets thrown around on TV a lot. Once you understand what debt consolidation is and how it is accomplished, it is very likely you can accomplish the same goals and get the same benefits without paying anyone an excessive fee.

First, if you want to get all your debts taken care of in one shot you can use bankruptcy. This is a last resort and is not recommended unless you are in a very desperate situation and you really cannot see any other way out. When you file for bankruptcy you get a fresh start, but it will ruin your credit for the better part of 3 years. This will stick with you for at least 7 years as well so keep this in mind.

They might also ask you to get a second job or if your spouse does not work they will ask that they start working to help bring in more money that can be used toward your bad credit debt consolidation.

If this does not sound like a good option for you, then you need to know that you still have other bad credit debt consolidation options. You can use bankruptcy, which should always be a last resort. This is for those that have so much debt that they just cannot see any other way out and they just have to get a fresh start. It will stick with you for about 7 years and ruin your credit for about half of that time, but it will get you back to a debt free life.

Last, the best option is a debt service that will work with you as long as you have over $10,000 in unsecured debt. They will negotiate with all your creditors for reduced balances, payments, interest rates, and waived fees.

They will negotiate with your creditors to get reductions in your balance and payments. Then you just pay one monthly payment that they split between your creditors. This will have you debt free in less than 3 years.