Consolidating your bills good idea

The truth is that having any debt means you are financially beholden to a creditor and you can’t put your money in your own pocket until your obligation is met.

You get the money, pay off your accounts, and then make a single monthly payment to pay off the new debt.A company will manage the plan and negotiate some cost reductions with your creditors, such as waived fees or a lower interest rate.You’ll make a single payment to the plan manager, who will distribute the funds to your creditors.If you’re financially drowning, of course you can declare bankruptcy.The problem is that bankruptcy is a serious derogatory mark on your credit.

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