Whatever the reason, the reality is that you have some severe financial problems and you need to find a solution.
One of the solutions that many people are seeking to their debt consolidation problems is to find a second and sometimes even a third job. But there are two primary problems with that. First, today's job market is worse than it has been in many decades, and even finding a decent second or third job is likely to be a very tall order. The second problem with this is that there is only so much of you to go around, and if you are working two or three different jobs to make ends meet, what kind of life is left after your work that you can really consider "you time"? Not much, if any.
You have probably considered bankruptcy and all the ramifications that a bankruptcy filing would bring with it, not the least of which is that the declaration of bankruptcy will remain as a huge red flag on your credit report for the next decade, alerting potential future creditors that you have taken the easy way out of debt once and therefore may do it again. In reality, bankruptcy is far from an easy answer but that is a different discussion.
You really need to look into and consider debt consolidation. Let's be clear about what debt consolidation is, since this term is thrown around in several different ways to confuse what it can really mean for you. What is being referred to here is a PROGRAM, not another loan.
The last thing you need right now with a truckload of debt is yet another loan, even if you were to use that loan to pay off or pay down existing bills. Doing this with another loan is really just borrowing from Peter to pay Paul, and while you may have delayed the pain, you have not addressed the root problem.
With a debt consolidation program, you work with a financial expert to determine your current financial obligations and the amount of your current income. What happens then is that you work out a single payment that is affordable and you make that payment to the debt consolidation company, where they in turn make your monthly payments to each of your creditors. Again, this is NOT a loan, so if you neglect to make your single payment to the debt consolidation company, they do not make your payments to your creditors, and you are then back at square one.
You may be wondering how this differs from you just making payments to each of your creditors every month. The big difference is the additional service provided by the debt consolidation company on your behalf. What they will do is negotiate with each of your creditors to lower your interest rate, reduce or eliminate late charges, and more.
The end result is that, for example, if you were needing to pay out $3000 per month to meet all your financial obligations, your single payment to the debt consolidation firm could be as much as HALF of that amount, giving you significant amounts of financial breathing room t get your act back in order from a financial aspect.
A debt consolidation program is definitely something you should look into to get your finances back on the right track during these rough economic times. It is a much better answer than bankruptcy or yet another loan, and could be the answer you are looking for.
By: Jon Arnold
There is little sense in continuing to struggle financially day after day which adds still more stress to your life, and you know you need to take some kind of action, but what? Seriously look into a Debt Consolidation program as a way to get you out of your current financial troubles and allow you the space you need to regroup and gets things back together. For more insights and additional information as well as a wealth of resources to help you understand this better and get started with a great program, please visit our web site at http://www.debtconsolidationstrategies.com
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