Did You Know That The Average American Household Has 13 Payment Cards — Including Credit Cards, Debit Cards, And Store Cards? Plus, There Are 1.3 Billion Payment Cards In Circulation In The United States Right Now. And, On Average, Americans Carry About $5,800 In Credit Card Debt Month To Month. If One Were To Make Only The Minimum Payment On That Debt Each Month, It Would Take 30 Years To Pay Off — Including An Additional $15,000 In Interest. Welcome To DebtConsolidationSite.com. We'll Provide You With Articles, Tips, And Tools That Will Help You Regain Control Of Your Credit. As
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What Your Banker Won't Tell You About Debt Consolidation
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Hot: Which Is Better -- Consolidation Or Bankruptcy?
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How To Consolidate Without Damaging Your Credit Score
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Can You Really Get Credit After Using A Debt Service?
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The Last Debt Solution Should Be Bankruptcy
Author: Terje Ellingsen
A debt solution like bankruptcy should really only be used as a last possible solution. The problem with this solution of debt problems is that it includes a lot more than simply eliminating debt. When someone declares them self bankrupted, all debt collection actions against that person are prevented. The court grants an "automatic stay", which - with a few exceptions means that creditors cannot come after the money owed to them.
The most important exception is that when a loan is secured by property creditors can seek relief from the stay and seize that property. The other exceptions are student loan debt, alimony, child support and taxes.
The backside for the person who seeks this solution to eliminate his debt is that he or she must hand over all non-exempt property. This property is then sold and the proceeds are distributed amongst the creditors.
There are two types of this solution of your debt problems:
Chapter 7
which states that a person is required to hand over much of their property, but creditors cannot seek damages from further income.
Chapter 13
allows a person to keep most of their income, but have to make a plan to pay the debt back to creditors based on their future income. Under this plan, the court can require individuals to live within a very strict budget.
As you see, there are downsides to both debt elimination plans. One of the biggest downside is that both debt erase plans will significantly impact a person's credit rate. For this reason, declaring yourself bankrupt is a solution of your debt problems that should be evaluated very thoroughly and carefully. Other debt solutions like debt negotiation, debt counselling and debt consolidation should definitely be considered first.
About the Author: Terje Brooks Ellingsen is a writer and internet publisher. He runs the website http://www.1st-in-loan.net Terje gives advice and helps people with personal financial issues like how to get out of debt, see http://www.1st-in-loan.net/debt_help.htm and to apply online for credit cards, see http://www.1st-in-loan.net/credit_card_offer.htm
Source: www.isnare.com
Article Keywords:
'Debt Consolidation'
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Check it out...
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Dear Anthony-
HELP I am in over my head
and I obviously need help. I owe just over $12,000 on two credit
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There are a lot of things to watch out for when it comes to debt consolidation. I
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Press the link below to check them out now.
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