Credit Solutions of America, Inc.   Care-One Debt Consolidation         iDebtAssistance.com                                                                   

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Credit Counseling

If you’re not disciplined enough to create a workable budget and stick to it, can’t work out a repayment plan with your creditors, or can’t keep track of mounting bills, consider contacting a credit counseling organization.

Many credit counseling organizations are nonprofit and work with you to solve your financial problems.

Reputable credit counseling organizations can advise you on managing your money and debts, help you develop a budget, and offer free educational materials and workshops.

Their counselors are certified and trained in the areas of consumer credit, money and debt management, and budgeting. Counselors discuss your entire financial situation with you, and help you develop a personalized plan to solve your money problems.

 An initial counseling session typically lasts an hour, with an offer of follow-up sessions.

Debt Consolidation

You may be able to lower your cost of credit by consolidating your debts through various types of loans.

Among these are personal loans, home equity lines of credit, or possibly even a second mortgage.  There are also loans specifically designed for debt consolidation.

If you choose to obtain a loan using your house as collateral, be careful!  Remember, if you can't repay for one reason or another, you could lose your home.

Bankruptcy

Personal bankruptcy generally is considered the debt management option of last resort because the results are long-lasting and far-reaching.

A bankruptcy stays on your credit report for 10 years, and can make it difficult to obtain credit, buy a home, get life insurance, or sometimes get a job.

Still, it is a legal procedure that offers a fresh start for people who can’t satisfy their debts. People who follow the bankruptcy rules receive a discharge — a court order that says they don’t have to repay certain debts.

The consequences of bankruptcy are significant and require careful consideration.