subject: Best Debt Consolidation Plan - Sound Help To Avoid Filing Bankruptcy [print this page] Best Debt Consolidation Plan - Sound Help To Avoid Filing Bankruptcy
Many men and women that struggle with feelings of stress and hopelessness as a direct result of aggressive debt collection tactics feel as though they have no option other than bankruptcy.
Nothing could be further from the truth, as a good debt consolidation plan can help you to get out of debt without marring your credit report with a bankruptcy mark.
Aurora Lillo Editor of the "Best Debt Consolidation Services" website -- http://www.ReputableDebtConsolidationCompanies.com -- pointed out;
"...Many consolidation plans exist that can help you to reduce your total amount owed, pay off your creditors immediately and begin to log positive credit activity on major credit reporting agencies immediately. While bankruptcy may seem like a quick fix to a bad situation, the shadow of bankruptcy can haunt you for many years to come, making it difficult to secure property or at times, even a job. Debt consolidation provides a healthy alternative to bankruptcy, letting you design a reasonable repayment plan and rebuild your credit..."
Reduce Amount Owed
While it may be hard to believe, creditors would rather receive some of the money owed to them instead of turning your debt over to collection agencies that pay just pennies on the dollar. For this reason, your debt consolidation plan should include negotiations with your creditors to reduce the total amount of money owed. Representatives from your consolidation agency can often get your total amount owed reduced by up to 50%. This means that you can save a great deal of money while at the same time avoiding the need to file for chapter 7 or chapter 13 bankruptcy.
Pay off Creditors
A debt consolidation plan includes a loan that enables you to pay off your various creditors at the same time. This means that you can end the negative affect your debt is having on your credit score, without having to file for bankruptcy. Simply pay off your creditors in one lump sum and enjoy the beautiful end to all the harassing phone calls and mailers, as your creditors will close your accounts once and for all.
Improve Credit Score
"...Unlike bankruptcy, debt consolidation plans allow you to rebuild your credit score immediately. Once you have paid off all that you owe, you can begin to repay your consolidation loan via monthly payments. Every time you make a monthly payment on time, your credit score with get a little boost. In no time, you should begin to see your credit score improving dramatically. Consolidating debt trumps bankruptcy in almost every way and you should strongly consider this option before filing for chapter 7 or 13 bankruptcy..." added A. Lillo.
Further information about trusted and reputable companies for debt consolidation by visiting; http://www.ReputableDebtConsolidationCompanies.com
