Debt consolidation is better than bankruptcy if you can afford it, and if you qualify.

I've been at the same bank (I won't say which one) for the last ten years; I'm a good customer, never any problems.  I have an o.k. job.  But when I went to ask to borrow $10,000 to pay off my credit cards, they said no, I didn't qualify.

I also tried a finance company and they would loan me money, but at a very high interest rate, higher than what I was paying on my credit cards, so there was no point.

So I ended up filing a Chapter 13 Wage Earner Plan.

I did not yet experience a debt consolidation but I heard it is risky. Because most companies are dishonest and you end up paying too much than what you have expected. Good luck!

Yes I have. The debt consolidation company u chose works with your credit card(s) companies to reduce your interest rates, which usually happens, then they discuss with you how much of a monthly payment you can afford and take it automatically out of your checking account. They help reduce the interest rates for me. I don't belive I was allowed charge on those credit cards during that period. Be careful which companies u choose, some don"t help and can actually make end up paying more. It worked fo me maybe it will work for you. Good luck!