Consolidating debt without bankruptcy

Suddenly a manageable monthly payment turned into an unmanageable debt. Debt consolidation loans combine all unsecured debt into one loan and one monthly payment.

Positive outcomes can include lowering your interest rate, protecting your credit, lowering monthly payments and getting out of debt faster. There are two types of debt consolidation loans: secured and unsecured.

Many credit card companies and banks have hardship programs intended for this type of situation.

Before you enter a hardship program make sure your monthly payment and interest rate actually go down.

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These are examples of some expenses you can cut without too much pain.When you got your first credit card, you had no problem making the monthly payment.But before you realized it, you had maxed out the first card and taken out other cards to pay for a financial emergency.In addition, organizations such as FFEF provide a budget review and financial analysis as well as payment distribution from a FFEF account so you are sure to make your payments on time.Pierson says most of FFEF’s clients come to them when they are behind on their bills or close to becoming delinquent.

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