Do you know what debt consolidation is? You probably have, but you might not know exactly how it works. This article will get you started in the right direction. If you are considering debt consolidation, this article is a must read. The information will give you the information that you need to make a good financial decision.
Use bankruptcy as a negotiation tool. Creditors would rather get some of their money back than get nothing at all. Let them know that if your debt cannot be reduced, you will probably be forced to file bankruptcy. This can spur the creditor to resort to a more satisfactory compromise that reduces the debt owed.
Consider asking your family for a debt consolidation loan. If you are reliable and have a family with means, this can be the cheapest route to debt consolidation. They pay off the debt, and you pay them at an interest rate that is more favorable then a bank would offer in a savings plan. It can be a big win for all involved.
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