Question : What are the options with consumer proposals and debt consolidation ?
I am considering filing bankruptcy. I know that consumer proposals - debt consolidation are another option. If anyone can give me information on this it would be much appreciated and the most thorough answer will get 10 points - again thanks.
- asked by Andrew
All Answers:
Answer #1
Debt Consolidation doesn't work! You will end uppaying the same amount. You cannot borrow your wayout of debt. Change your habits, get a game plan,a budget....... and stick to it. Get an extra joband start paying off debt. It can be done. Liveon less than you make.Companies that say they willclean up your credit have two basic problems.1.For purposes of getting a mortgage, going throughcompanies that take your money and pay your billswill reflect on your credit as though you filed achapter 13 bankruptcy.2. Only transactions sevenyears or longer, or a mistake , may be taken offyour credit report. A company that says otherwiseis either lying or operating illegally. ConsumerCredit counseling services don't teach you how tomanage your money, which is what you need to learnor it will just happen to you again. Try callingyour credit card companies and negotiate theinterest rates on your cards. Tell them you aregoing to transfer the balance to another card witha lower interest rate. This usually works to getyour interest lowered. Do take on another job orsell something. You can get yourself out of debtwith a plan. Good Luck!!
- answered by Claire
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measure and fulfill your financial needs
