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Debt Consolidation vs Bankruptcy: Which is Better?

Sawin & Shea

Two of the most common options for dealing with unmanageable debt are filing for bankruptcy and pursuing debt consolidation. Bankruptcy and debt consolidation are distinct solutions, each with advantages and potential drawbacks. However, it’s important to remember that this does not eliminate debt.

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The Best Debt Consolidation Loans

Better Credit Blog

If you owe multiple outstanding debts, it might be time to consider looking into a debt consolidation loan. “Debt consolidation essentially means combining and downsizing debts so they are easier to repay. The Most Important Factors For Debt Consolidation Loans. ” Ads by Money. .

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The Best Debt Consolidation Loans

Better Credit Blog

If you owe multiple outstanding debts, it might be time to consider looking into a debt consolidation loan. “Debt consolidation essentially means combining and downsizing debts so they are easier to repay. The Most Important Factors For Debt Consolidation Loans. ” Ads by Money. .

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8 Ways to Consolidate Credit Card Debt 

Credit Corp

Debt consolidation allows you to take multiple debts and combine them into one, and you can do this with your credit card debt. Doing this makes managing the debt a little easier, and you may be able to get a lower interest rate. Table of Contents: What Is Credit Card Consolidation?

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Does Debt Relief Hurt Your Credit?

Credit Corp

As long as you stick to the minimum payments needed on all of your other credit accounts while you work to pay down your debt, this method has little immediate impact on your credit report and a reliably positive one in the long term. You’ll need to consider these factors when determining whether a debt consolidation loan is right for you.

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Applying for a Mortgage? 7 Things to Know Before You Start

Debt Guru

If you’ve spent any time researching home loans, you’ve probably heard that most lenders want your down payment to be at least 20 percent of the home’s purchase price. This is probably the biggest downside to putting down less than 20 percent is that your lender will require you to pay for private mortgage insurance (PMI).

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Can I File Bankruptcy on Just My Credit Cards?

Sawin & Shea

However, secured debt means the borrower has put up collateral (e.g. a car or their home), and agrees that they will repay the loan in a timely fashion or else the lender will gain ownership of the collateral they used to get the loan. Creditors cannot reclaim any of your property if you default on a loan.