comment from mortgages n home loans: We presume that you will learn from this piece of writing by Marcus J Ware and we are pleased to reproduce this work 'What Are The Benefits and Consequences Of Getting Rid Of Debt The Easy Way' on mortgages n home loans for my readers. Please note that this article represents the views of Marcus J Ware and not that of mortgages n home loans. That being said, why don't you go ahead and pull some ideas out of it:
Consolidation
1. Benefits
* Lower monthly payments
* No worry of paying multiple debt collectors every month, pay only one agency
* Percentage of debt charged by consolidation company
* Costs for Loan
* Cost for counseling or negotiation
2. Negatives
* Appears on your credit like bankruptcy
* Requires you to get another loan
* If you own a home loan will be tied to your equity
* Takes between 5 and 10 years to pay off the loan
* First few years no big change in debt reduction
* Does not always prevent creditors from future legal collection action
Bankruptcy
1. Benefits
* Costs between $700-$3000
2. Negatives
* On credit report for ten years
* Finances made public record
* No assets are allowed with Chapter7
* Creditors can file adversarial hearing that costs $3000
* Credit severely damaged
Debt Relief Program
1. Benefits
* Payments can stop as soon as the program starts
* Credit Repair available after a short time
* Good credit repair options available
3. Negatives
* Usually only credit card debt and unsecured signature loan
About The Author Marcus Ware is the webmaster of www.waresbusiness.com and promotor of affiliate products. waresbus@waresbusiness.com |