There is a difficult time comparing the two since both have particular situations that must be evaluated. The simple answer is it is always best to consolidate your debts and pay them out over a period of time workable by you and your creditors. The bankrutcy is the fall back after all else fails. It would be considered not to wise to leave everything to the last minute. I suggest that your total debt exceeding $500.00 that can not be paid needs attention and before it climbs higher consider a debt consolidation
Which is better a Debt Consolidation or Bankruptcy?
1 Comments:
The two issues are completely seperate as such.. A debt consolidation can be done by yourself or with a 3rd party service to help out. Bankruptcy really should be seen as a last resort. The Bankruptcy will really screw up your credit rating for quite some time. The debt consolidation done on your own won't impact the credit rating quite so bad.
By Dave Richter, at 5:12 PM
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