“Dear Steve,
Im 49 years old, gross about $60,000 a year, im about $27,000 in debt want and need to get this debt off my back , tried doing it myself, writing creditors, obtaining credit reports, etc, some of my debt is so old its been sold off to other companies over and over.
I’m thinking about getting a debt consolidation company to help, can you you refer any decent and honest companies?
What do you think about this method?
Rondell”
Dear Rondell,
Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.
There isn’t enough information to know if a debt consolidation loan is affordable for you or not. There are a couple of good companies to check out though and you can follow my guide, The Ultimate Debt Consolidation Loan Guide: Getting Approved, Acting Smart, and Being Wise.
There are a number of considerations to determine if a debt consolidation loan is a smart thing to do. Depending on how much your debt is impacting your life it might just be that a consumer bankruptcy makes more sense. In that case you might be able to eliminate your debt in 90 days or less and get a fresh start.
You can click here to find a local bankruptcy attorney and talk to them for free about your specific situation. Get the facts and then you can make an informed and educated decision if bankruptcy is right for you.
But with either a debt consolidation loan or a bankruptcy the underlying issue is what led to your accumulation of debt? It’s possible your income is not sufficient to make ends meet and the shortfall wound up on credit.
If you can’t live within your income then no matter what you do the odds are pretty high you’ll wind up in debt again.
Please post your responses and follow-up messages to me on this in the comments section below.
If you are a California resident Call Fitzgerald Campbell at 855-709-5788 and ask for me, Greg Fitzgerald