bill consolidation
Debt and especially credit card debt is a very significant problem in our society. Unfortunately, like most things our government underestimates the number of American's in extreme debt situations. The one common problem among this group of people is that once the debt ball is rolling, it is difficult to stop. It is like a landslide out of control, robbing Peter to pay Paul or MasterCard to pay Visa is a common problem of debt. Once the bills are too high, or the income too low, there is no other choice. Although credit card companies will tell you that this is an illegal practice, I have in the past had credit card companies suggest this method for paying off their card. In other words, they don't care if you rob a bank, as long as you pay them. It seems to me that perhaps it would be in their best interest to help you resolve these debt problems instead of making you slide further into the hole.
Bill consolidation or bankruptcy may be your only way out when you reach this point. And I know from experience that most credit card companies will tell you no, if you make a suggestion like reducing your monthly payment. I have had debt collectors call and tell me that I owe for example $1000 and they have told me that they can let me pay $500 now and $500 next month. When I tell them that I can only afford $100 per month, they tell me to forget it. Does this practice make any sense? Truthfully no. If they can get some money from me why not take it? And yet they won't, sticking to their guns and charging me more interest and late fees.
If this sounds like a familiar scenario to you, then you probably need help. There are many companies out there that can significantly reduce your debt and provide bill consolidation loan. This can put all your monthly payments into one smaller bill that you can pay on monthly. In many cases they will work with you to help you get a payment that you can truly afford to pay and you can still eat each month! What a deal! In any case, if you have passed the point of being able to consolidate your debt, then you may have to consider bankruptcy. This method does wipe the slate clean and allows you to restore your credit in about 7-10 years. Although it may sound drastic, it sometimes is the only way out when your monthly bill payments greatly exceed your income.