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Debt Consolidation/Debt negotitation are BAD IDEAS
08/16/2007Bankruptcy is not good for your credit. But neither is debt consolidation or debt negotiation. The fact is, unless you've never missed a payment and pay off ALL your debt as agreed, your credit probably looks bad already.
Bad things on your credit stay there for 7 - 10 years, no matter if it's a bankruptcy or a debt consolidation/debt negotiation. Debt Consolidation and Debt Negotiation programs force you to pay the debt back at reduced rates, usually around ½ of what you actually owe. Can you even afford that?
With debt consolidation/debt negotiation, your credit gets wrecked AND you have to pay back most of the debt so you lose your money. Why would you even consider debt consolidation/debt negotiation when a bankruptcy allows you to become 100% debt free, saves you the money by wiping out the debts and only hurts your credit for about 1.5 years? Ask us about our clients that financed homes less than 1.5 years after doing a bankruptcy. Call right now for your free consultation.
Source: Dean D. Paolucci, Attorney at Law
