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Article by Li Ming Wong

There are hundreds of debt consolidation companies that will help you pay off your bills by lowering your payments and interest rates. For a fee they will put you on a debt consolidation program to systematically pay off all of your debts. What if you are about to lose your home to foreclosure?

This is where you may want to find a bank or lending institution where you can get your home remortgaged to catch up on your back payments and pay off your outstanding debts. You will also be paying one payment per month with no fees to pay. If you want to get your bills reduced and waive interest rates, sometimes the lender can help you with this, or you are perfectly capable of negotiating with your creditors yourself.

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Question by uncletoon2005: Bankruptcy, consolidation, or debt reduction?
I’m looking at an uncomfortable situation. My family has a considerable amount of debt. We’re talking around $ 30,000. We are currently able to manage payment on our cards, but we’re not able to get anywhere. We’re at a point of near desperation. So I was wondering what was best? Should we file for bankruptcy, try to get a loan for debt consolidation, or try one of the debt reduction programs out there?

I’m really not sure what would be best. Consolidation would be ethically best in my opinion, but from the couple of places we’ve tried, no one will give us a loan. Any advice or personal stories would be appreciated.

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Question by KOOLAID: How can I find the best debt consolidation program in New Jersey?
I’m trying to become debt free and need help with unsecured debts. been trying to locate a agent online but, getting kind of frustrated. NEED HELP ASAP!

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