A lot of consumers are struggling with debt. If you’re only making minimum payments or having trouble paying your bills at all, then you certainly can’t afford to ignore the problem any longer. Depending on your unique situation, you may find that debt consolidation in Dallas is your best option. But how do you know if that’s what you need to do?
Weigh Your Options
When you’re in debt, debt consolidation is only one of your options. Your other options include bankruptcy and consumer debt counseling. Most people shy away from filing for bankruptcy. And while bankruptcy may be the right solution for some, it’s almost always the last option that’s chosen. Besides, new bankruptcy laws prevent you from discharging certain debts. If the majority of your debt consists of student loans, then filing for bankruptcy won’t help at all.
When you consider debt consolidation, you should automatically include debt counseling. While you can do one without the other, they work best together. Most of the time, people get into debt as a result of excessive spending, easy availability of credit, and failure to prepare for emergencies. Without addressing the cause of the debt, you may end up again in the same place later.
Think about the Future
Before you take any definite action against your debt, you need to think about the future. Most likely, you’re at the point where you’re ready to be free of debt. In order to achieve this, you need to be ready to commit. A debt consolidation plan can really help you get out of debt, but you have to be willing to follow the plan.
By the way, the same is true for a Chapter 13 bankruptcy. Many people cannot immediately discharge their debt in a Chapter 7 bankruptcy. Instead, they are required to make payments for the next three to five years. A bankruptcy is not completed until you have made the last payment.
When you consolidate your debt, the impact on your credit score is not as disastrous as filing for bankruptcy. Nevertheless, now is not the time to start accumulating new debt. On the contrary, you need to learn to be responsible with debt first.
Talk to Someone
You can spend all day reading about debt consolidation programs, but if you don’t take action, nothing will happen. The best thing you can do is pick up the phone and call somebody. It will allow you to start talking about your situation and come up with real solutions. You don’t have to a slave to your debt forever.
When you’re discussing debt consolidation in Dallas, you’re going to need a few details. It’s quite impossible to come up with a repayment plan without knowing how much you actually owe to your creditors. Therefore, you should gather up or print out your most recent statements to get started. If you have been ignoring your debt, the total amount you owe may surprise and scare you. Fortunately, this number doesn’t have to determine your life anymore.