subject: Is it Better to Pay off Debts Yourself or Rely on Debt Consolidation [print this page] Author: Hector Milla Author: Hector Milla
Being in debt can be a very confusing and overwhelming situation for many people. When you're in debt you have money that you owe to creditors such as credit card companies, banks, department stores and hospitals and other medical clinics. The amount that you can owe can be overwhelming and non payable after a while. Paula de la Torre Editor of the "Best Debt Consolidation Companies" website -- http://www.BestDebtConsolidationCompanies.net -- pointed out; There can be some circumstances that create this problem such as unemployment, unexpected medical expenses and a significant or complete loss of income. There are a couple of ways to go about resolving your debt issues. One is either paying off the debts yourself and the other is using debt consolidation agencies If you have the financial means to do so you should pay off the debts yourself. You can do this by using a portion of your disposable income to devote to paying off the debts. This will prevent you from having to go through tedious services and qualifying for them. It can also prevent you from getting harassed by collections agencies, so paying off the debts yourself is the best way to go if you can. There is another popular option and that is a debt consolidation agency. Debt consolidation agencies are companies that enable to to put all of your debts together into one loan which you pay off at a lower interest rate. However you must qualify for these by having a good credit score and having a certain income. You also may have to have collateral and make some of your debts secured such as your mortgage. This is very risky and all of your assets can be at risk such as your house, your car and even your personal and retirement savingsP.de la Torre added. Due to the fact that debt consolidation demands certain qualifications and certain risks it is better to pay off the debts yourself. It is better because it allows you to avoid taking significant financial risks and having to meet rather stringent qualification standards. When paying off debts yourself you can use some of your disposable income, save it and eventually get out of debt without any problems. Further information about trusted and reputable companies for debt consolidation by visiting; http://www.BestDebtConsolidationCompanies.netAbout the Author:
Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.
