The Truth about Debt Consolidation

Many people feel that debt consolidation may be a better option than bankruptcy.  Debt consolidation is exactly what it sounds like.   Combining all (or as much as possible) of your debt into one payment.   The premise is that because all of your money is going to one payment it is easier to keep track of and therefore you will not get behind on bills.   However, for many the reason why their debt has ballooned out of control is because they cannot afford the payment.   Whether there is one payment or 50, if you do not have enough money to cover the payment debt consolidation will not help you. Consult an attorney to find out how bankruptcy can reduce or eliminate debt payments.