Consolidate Your Debt and Screw Your Finances! Call Now!

Given the way the economy has been for the last year, bankruptcies are clearly on the rise. If you’re swamped in debt, you are absolutely not alone. So when you see those ads promising you debt consolidation, you would of course be tempted to work with those companies?

Right?

If you want to go bankrupt, sure. The FTC reports that most of these companies are actually offering a great deal on bankruptcy, which really can be filed alone. That’s right, the companies that apparently “save you from all those annoying collecting phone calls” are actually filing bankruptcy for you. Ironically, they charge you for legal fees (http://www.ftc.gov/bcp/edu/pubs/consumer/alerts/alt015.shtm ).

As I have preached before, the best way to consolidate your debt is to take your finances into your own hands. As is the situation with most “quick-fix solutions”, the costs often outweigh the benefits. As is the case here, filing for bankruptcy will, in fact, stop the collection calls, but if not handled correctly, bankruptcy can ruin your credit.

So if you actually do need to apply for bankruptcy, make sure you do it on your own terms. Bankruptcy is certainly not the apocalypse of your finances, but if you can avoid it, it should be. Therefore, keep your finances in order, and take no shortcuts with them. Do not fall for these advertisements.

In recent years, the FTC has been suing most of these companies who claim they can lower your interest rates and reduce your debt (http://www.msnbc.msn.com/id/18155301/ns/business-consumer_news/ “A Widespread Problem”).

There are a few different ideas you can use instead of choosing these firms. According to the FTC, here are the 3 best things you can do:

Try to talk with your creditors first. It is in their best interest to keep your finances afloat, otherwise they will lose their investment. With this in mind, perhaps they will be able to lower your rates and cut you a deal.

Work with accredited credit counselors, who will help you talk to your creditors for you to work out a better payment plan.

Finally, it might be within your best interest to take out another loan. However, take this advice with a grain of salt. If you are racked up in debt, another loan might not be in your best interest. Keep your finances in check, and weight your options carefully (http://www.ftc.gov/bcp/edu/pubs/consumer/alerts/alt015.shtm).

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Chris Buchheit

Chris Buchheit was born under the hot Floridian sun during some year in the 1980s. There he studied school matters until moving to North Carolina in 1999. Possibly due to the fact that his mom had enough of him being inside all the time, he quickly got involved in community affairs via the Boy Scouts of America, where he learned the values of citizenship, morality, duty to God and country, and that the biggest kids get to boss around the smaller ones. Chris attained the rank of Eagle Scout in 2004, and still values the rank as one of his proudest achievements. Beginning in 2006, Chris began attending the University of North Carolina at Chapel Hill, where he quickly learned the value of basketball and poplar trees. Since attending UNC, Chris has been double majoring in Asian Studies, with a concentration in Chinese, and Political Science. When he isn’t slaving over his honors thesis, looking up a bunch of Chinese Characters, volunteering, or mindlessly browsing the same websites over and over, Chris enjoys writing short stories and novels. Much to his roommates’ annoyance, he also spends his free time learning to play the guitar. Above all else, though, Chris values God, his family, and his friends. For the future, Chris plans to apply to Georgetown to further his studies in Political Science, hopefully with a concentration on China. Pending acceptance into Georgetown, Chris would like to study while gaining professional experience in a government job in Washington DC.

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