Consolidating consumer credit card debt

If you’re struggling to pay high interest rates on a lot of unsecured debt, consolidation may seem like an attractive solution.But debt consolidation is not always the best way to deal with debt issues, and it has drawbacks you should be aware of before you move forward with it.

Credit counseling through a reputable non-profit agency is almost always a better alternative.

This type of credit played a practical role in that it provided a line of credit until businesses received their accounts receivable or a harvest was complete.

The potential difficulties that might arise in future years of not having a source of credit generally gave more than enough reason to make the return payments.

Bankruptcy information stays on a credit report for 10 years and can make it difficult to get credit, buy a home, get life insurance, or sometimes get a job.

As federal courts have exclusive jurisdiction over bankruptcy laws, cases must be filed in federal bankruptcy court.

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There are two main types of personal bankruptcy: A debt collector generally is a person or company that regularly collects debts owed to others, usually when those debts are past-due.

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