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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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How Does a Debt Consolidation Program Work?

Titan Consulting

Debt consolidation might include a debt management repayment plan, credit card balance transfer, personal loan, or equity line of credit. The main strategy in any debt consolidation strategy involves replacing one debt with another debt, usually with a lower interest rate or monthly payment.

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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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How to Get out of a Debt Spiral–11 Easy Things to Do [TODAY]

Credit Corp

The concept of the debt snowflake method is simple. You make tiny extra payments on the debts with your savings like snowflakes and work towards zero debt. Debt snowflake is a debt elimination method where small savings collected over time and extra income can make a big impact on your debt repayments.

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Living Alongside Your Debt: 7 Tips on Managing Debt

Credit Corp

However, the following tips may help to better manage your debt and steer clear of the choppy financial landscape. Sticking to budgets can be a great way of better managing your outgoings and incomings to better take care of your debt. Consider Debt Consolidation. Review Your Expenses. Embrace Budgeting.

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Credit card debt is surging at a record-high rate

Collection Industry News

That’s the largest quarterly increase observed since the NY Fed began collecting this data 22 years ago. Outstanding credit card debt is still about 7.7% If you’re struggling to repay high-interest credit card debt, keep reading to learn about three strategies that could help you get out of debt fast.

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Debt Collection: Have We Learned the Lessons of the Last Crises?

Fico Collections

Debt Collection: Have We Learned the Lessons of the Last Crises? While the current series of economic shocks may seem "unprecedented", there are clear lessons from past crises that should shape our collections strategies today. Four Key Collections Factors Shaping Analytic Insights, Strategy, Policy and Execution.