Debt Consolidation, Debt Settlement & Bankruptcy – Which is Right for You

Debt Consolidation, Debt Settlement & Bankruptcy – Which is Right for You

Being in debt is stressful and confusing. No one likes being in tight situations trying to figure out what bill to pay and which groceries to do without. Your situation could stem from medical bills, loss of a job, etc.

At PaydayLoansCashAdvance we understand financial bumps in the road. That’s why we are pleased to offer a network of lenders who strive to get you the money that can help bridge that period from payday to payday. If you find yourself in a tight financial situation, we can help. It starts by filling out our simple form available at You could have cash in your hands quickly.

There are times however, when you may have to make more long term decisions to resolve your financial problems. Everyone has their own particular circumstances, and thus, an appropriate path for one person may not be the best path for another. You do however have options in dealing with a difficult financial situation. At we are here to help you figure out which option is best for your unique situation. Here are some choices to help you decide which one (or ones) fit your situation the best:

Debt Consolidation

If you are trying to keep your credit rating in the best condition possible, debt consolidation may be an option for you. Debt consolidation takes all of your debts, or a segment of them, and combines them into one payment that is usually significantly lower than the total of all your current payments. This can be done through a bank or a debt consolidation company. You end up making one monthly payment through the lender instead of multiple payments. You need to be sure you can make this one larger payment, even though your monthly bills will be reduced.

Debt consolidation is a refinancing of your current debt, so your TOTAL debt will remain the same. It is your total payments that may be reduced. You may also end up paying a lower interest rate, especially when you consolidate credit card debt. This is another plus of debt consolidation. If your job and credit history allows, debt consolidation can be a palatable option for many. Remember though, if you feel your financial pinch is a temporary one and you just need a little help can help.

Debt Settlement

Debt settlement is for those who are in a position to pay off an entire debt at one time, in a single payment that is less than the total owed. For example, a credit card company may take $2000 cash to settle a $3000 debt. Many card companies will only do this if your payments are significantly past due. You do have an option of having your debts settled by a third party. This third party negotiates a debt settlement on your behalf, and you make payments directly to the debt settlement company.

Debt settlement provides relief for those who simply can’t keep up with credit card payments. The benefits are you will get out from underneath the debt much sooner. The downside includes the negative effect on your credit rating and that the money that is “forgiven” by the credit card company may be taxable. It may take you some significant time to re-qualify for any other credit cards. Debt settlement is a viable option for many who feel buried under credit card debt.


Bankruptcy is considered to be the last resort. If you file for bankruptcy, you will find it difficult to buy or rent a car, rent an apartment, or do any sort of business that would require a credit check. Recent laws have made it very hard to declare bankruptcy for some debts. If you choose this route, remember that you may still be responsible for some of your debt. This is not a way to just clear all of what you owe. If you still need to use this option, there are two ways to file. You can declare Chapter 7 or Chapter 13 bankruptcy.

In Chapter 7, you would be able to get rid of all of your unsecured debts like credit cards and your personal loans. The debts that would not be covered under Chapter 7 would be any car loan or mortgage. You would also need to sell anything that you own like your house, and liquidate your bank account to help in paying off the debt. If you file Chapter 7 Bankruptcy, it will remain on your credit history for a ten year period.

In choosing Chapter 13, you don’t have to sell everything you own. You will instead, pay back all unsecured loans or secured loans over a certain time frame. Chapter 13 will stay on your credit history for a term of seven years.

Remember, if you have having financial challenges, you are not alone. Choosing bankruptcy, debt settlement or debt consolidation can actually be a positive experience if you dedicate yourself to rebuilding your financial future.

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