Credit card for consolidating

03-Jul-2017 08:30

While a debt consolidation is less risky than other options, like bankruptcy, it still carries a considerable amount of risk.

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This is incredibly risky because if you cannot meet your payments, your home is on the line.Debt Consolidation: Consolidation is the process of combining all your debts into a single, lower payment by taking out a loan to pay off your creditors.Companies usually attempt to lower your debt through debt settlement before recommending you take out a loan.Debt Management Program: These programs often work hand in hand with credit counseling.

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During this program, you receive financial counseling and meet with a financial advisor.When you start pursuing debt management options, you may get mixed messages from people in the debt relief industry.