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Debt Relief: Research Reports: Difference between revisions
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== Debt Consolidation == | == Debt Consolidation == | ||
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When the topic of debt management and relief comes up, consolidation is usually one of the words that follows. Many experts agree that debt consolidation is a good idea when it seems a person is getting too deep in debt. Three things to consider before deciding on debt consolidation: | When the topic of debt management and relief comes up, consolidation is usually one of the words that follows. Many experts agree that debt consolidation is a good idea when it seems a person is getting too deep in debt. Three things to consider before deciding on debt consolidation: | ||
# Evaluate where you stand with your debts. | |||
# Don't wait until you are in over your head. | |||
# Be sure to understand how debt consolidation truly works.(Morris, 103) | |||
Numerous experts also agree that a nonprofit company is the best way to go for premium terms. Also, no matter if they are for-profit or nonprofit, one should gain as much information as possible about the company before dealing with them. Futhermore, ensuring the institution you choose works with your creditors. Checking their status with the Better Business Bureau is a great idea. (Brown, 326)However, there are many different opinions on how to go about this. One common opinion is that only school loans should be consolidated, and this is only because of the enormous necessity of a college education. (Orman, 149) | |||
Numerous experts also agree that a nonprofit company is the best way to go for premium terms. Also, no matter if they are for-profit or nonprofit, one should gain as much information as possible about the company before dealing with them. Futhermore, ensuring the institution you choose works with your creditors. Checking their status with the Better Business Bureau is a great idea. However, there are many different opinions on how to go about this. One common opinion is that only school loans should be consolidated, and this is only because of the enormous necessity of a college education. | |||
== Collection Agencies == | == Collection Agencies == | ||
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You can avoid these agencies all together by simply managing your money right. Self-Help may be the Best Help. | You can avoid these agencies all together by simply managing your money right. Self-Help may be the Best Help. | ||
== Bankruptcy Summary == | == Bankruptcy Summary == | ||
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Bankruptcy is considered to be a "major bomb" in the world of credit. It should be the last resort in most cases for debt relief. Depending on the situation it is sometimes unavoidable. | Bankruptcy is considered to be a "major bomb" in the world of credit. It should be the last resort in most cases for debt relief. Depending on the situation it is sometimes unavoidable. | ||
When selecting a bankruptcy attorney, research his/her background for work experience in this sensitive field of debt relief. There are two types of personal bankruptcies, Chapter thirteen and seven. Corporate bankruptcy is called Chapter eleven and can only be filed by businesses. | When selecting a bankruptcy attorney, research his/her background for work experience in this sensitive field of debt relief. There are two types of personal bankruptcies, Chapter thirteen and seven. Corporate bankruptcy is called Chapter eleven and can only be filed by businesses.(Leonard, Attorney Robin "Bankruptcy". Berkley: Nolo Press, 1998). | ||