With the current economic crisis, many people are finding themselves in dire financial straits. I have heard from people who, due to bad mortgage and real estate decisions, find that they now owe more than their home is worth, and balloon payments are coming due.
Other individuals have been living on credit cards, charging more than they make each and every month until they maxed out their credit cards, and now they can't get more credit for living expenses. What is the answer?
Every situation is different. Some situations are not as bad as they may seem, while others may be worse than you think. Before making a decision to declare bankruptcy, which will wipe out most of your debt in most states, but leave you in the poor credit risk category for as much as 10 years, contact a credit counselor to see if debt consolidation is an option for you.
Credit counselors have been well trained to determine how to help you to help yourself. So, do yourself a favor and contact a reputable credit counselor as soon as possible.
Saturday, October 4, 2008
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