Is debt consolidation the way I should go?

multiple credit cards, loans and payday loans

2 Answers

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Debt consolidation is one way of handling debt. There are other options as well, it all depends on your financial situation. If you can manage your payments after your interest rate is reduced and your late fees get waived off, then debt consolidation is your way. This way your credit score won't be affected.

If you still can't manage your payments, then you may opt for debt settlement. Debt settlement will allow your payoff amount to be lowered. Your credit score might just take a hit initially, but it will improve with time.

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Hi.....ofcourse you know your own financial situation,..but,...if you are making ore payments per month than you can handle (and it does happento all of us) then it may be a smart idea to consolidate. With debt consolidation companies, you would pay much less of an % rate and you make only one payment. However....when searching for he company that is \'right foryou\', just becareful on which ones you choose. Some sre non-profit, some have high fees to get started, etc. may look on the BBB site to see their \'ratings\'. Hope this helps a bit.

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