Wednesday, August 20, 2008

Never Consider Bankruptcy as an Option

When debtors fail to pay their enormous debts, many of them turn to declaring bankruptcy. However, almost every financial adviser will most likely agree that bankruptcy should be the absolute last solution to resort to. The truth is bankruptcy rarely should be the last resort. Even when the sky is falling down with massive debts, you can still turn to debt consolidation services.

Although you still have to pay through all the monthly debt payments, consolidating your debts will drastically lower the monthly interest rate, where as declaring bankruptcy will leave you with a 10-year bad credit record. By lowering the interest rates per month, the rate you have to pay per month significantly reduces to as low as 57%. This is equivalent to half the financial burden off your shoulder. This is a clearly much more comfortable standpoint than declaring bankruptcy and enduring 10 years of being turned down by insurance, jobs, and bank loans.

Check out what Bankruptcy Attorney Jamie Ryke has to say about avoiding Bankruptcy:

Whether it is credit card debts, bill debts or student loans, non-profit debt consolidation services can help you lift a considerably large financial baggage off your shoulder. Lower interest rates equal lower monthly debt payments, which all leads to a better financial standing. With such a good offer, it is undoubtedly unwise to declare bankruptcy when you still have a promising option ahead of you.

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