Need Advice For Debt Consolidation

[alexlang9999]

In this time of recession so many people have to leave their jobs and now they are in really bad situation. One of my friend has a lot of debt of different companies and she has no job . Now she is in critical situation. She took advice from a company which is in deal with Debt Consolidation Loans.They suggested her to go through Debt Consolidation Loan. So what should she do now? Need Suggestions please. Thanks a bunch in advance.

[SSandecki]

I would avoid debt consolidation loans; they tend to get people in more debt. I would consider talking with the different lenders you have debt with and tell them the situation; during this economical hardship many lenders are giving help to borrowers to prevent defaults. Bankruptcy is also an option if it is a really large amount of debt. Remember, without employment and a way to make payments a debt consolidation loan will get you into more debt.

[alexlang9999]

I would avoid debt consolidation loans; they tend to get people in more debt. I would consider talking with the different lenders you have debt with and tell them the situation; during this economical hardship many lenders are giving help to borrowers to prevent defaults. Bankruptcy is also an option if it is a really large amount of debt. Remember, without employment and a way to make payments a debt consolidation loan will get you into more debt.

Hey thanks for ur reply.

[PricillaEdwards]

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[johnchase]

Your friend struggling with debt is of course not alone. Millions of Americans also carry large amounts of debt, particularly credit card debt. Debt consolidation can be extremely helpful for many people seeking debt relief, but it may not be helpful to others.

Depending on your friend's situation, they may benefit from consumer credit counseling. This service aims to educate on matters of personal finance and can be useful in preventing a small debt situation from ballooning into something that can quickly spiral out of control.

Others that are heavily in debt and find themselves struggling to make even their minimum monthly payments may benefit from debt settlement. This is a process where a debt settlement firm negotiates on the behalf of the debtor with their creditors to come to an agreement/settlement for a lower amount of the original amount owed.

Others in the most dire of financial straits may benefit from bankruptcy, however this is avenue that should only be considered as a last resort after all other options have been thoroughly researched, evaluated and eliminated.

[Egypt King]

Dept consolidation loans maynot help her much with no job, it may get her more in dept

[Janice A.]

Too bad for your friend, well if I were you I would advice her to not consult to such Debt Consolidation Loans if she wants a job then say to her that there are so many available jobs online that can surely make her earn money.

[alishagriffith]

Debt Consolidation is also known as debt settlement. It allows you to reduce the amount owed on an unsecured debt in order to settle in full the creditor's current balance. In the process of debt consolidation, you negotiate with your creditors to pay off or settle all your credit card bills at a reduced amount. It is one of the most effective alternatives to debt consolidation and bankruptcy. You can decide whether you want to negotiate with your creditors on your own or get yourself enrolled in a professional debt consolidation program

[billshannon]

My name is Bill Shannon, a professional financier at Rapid Debt Settlement. If you are struggling with credit card debt, whether it be large or small, you need to take advantage of our program and settle now! This current economic recession has left millions of Americans, like yourself, with massive amounts of credit card debt. Trust me, you are certainly not alone.

I am able to help you settle your debt for 55% of what you owe. Contact me now at billshannon[at]financier.com for a free consultation. There is no risk involved and you have everything to gain. I take great pride in helping you get back on track to financial freedom.

Also feel free to contact me (Bill Shannon) by phone through our company website rapiddebtsettlement[dot]com

[esterlydsl]

Hi Alex. If your friend has hired any debt attorneys then she must trust them and move along according to their advice. If the company she hired is a genuine one then there should be no problem in dealing with her debts.