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After your revision you will have two options to consider.
You can apply for debt consolidation plan or file for bankruptcy.
To catch the difference between these options, you should learn the next information.
By the way, if you still have questions about debt consolidations, go to our debt consolidation questions and answers section.
Here are some tips and advice to help you with debt Consolidation.
A debt Consolidation loan simply put is applying for a new loan to pay off your existing loans.
Not unexpectedly, the options vary depending on a number of factors.
I have divided the different options into two main categories: Bankruptcy and Non-Bankruptcy.
According to debt consolidation, you will make payments to just one new creditor.
Once the debts have been combined the borrower makes only one payment to the debt consolidation firm that manages the funds and disperse it among the many lenders.
A debt consolidation loan allows the borrower to take a loan to pay off all debts in various banks and financial institutions in one go and allows the borrower to manage one loan.
These are options you can take other than filing for one of the different types of bankruptcy. Debt consolidation companies advertise this as a way to get lower payments. It’s really aimed at people who are too disorganized to make multiple payments or negotiate with multiple creditors.
Debt consolidation is just a new loan that you take out to pay off all your other (usually credit card) loans. The main benefit is you consolidate your multiple different payments into one big one. It depends on the terms of the loan, which usually start out with a teaser interest rate, but then increases and leaves you with a much higher payment. It just moves the debts from one source to another, and adds a new layer of costs (the amount you pay for a debt consolidation can be very high).