Consolidating debts pros cons

Using debt consolidation will maintain your access to credit and if your plan is successful, your credit score should improve.

Delinquencies – payments that are more than 90 days late – also rose to 3.22% at the end of 2018 and the credit reports of about 37 million cardholders were dinged because of it.If you don’t make payments on time, the lender could foreclose on your home.After analyzing your debts and income, you may conclude that you are incapable of paying what you owe, even at a lower interest rate or reduced monthly payments. Chapter 7 forces you to sell all assets except those specified as exempt under state law.You may have multiple unpaid credit card balances, a student loan and a home loan, each requiring either a fixed or minimum monthly payment.Make a list of them all and include the balance owed, the required monthly payment and the interest rate. This exercise will give you a sense of your situation.

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If you’re like most folks who carry multiple credit cards, the merry go round of payments is a monthly frustration and chances are good you’ll eventually face problems making your deadlines.

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