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Pros and Cons of Debt Consolidation Loans

Better Credit Blog

But it’s a much bigger headache if you owe debts to multiple places, as your odds of forgetting a payment will increase, and the varying interest rates between the different debts can end up taking a bite out of your wallet. How Debt Consolidation Loans Work. When Might It Make Sense To Get A Debt Consolidation Loan.

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Why is credit counseling crucial before filing for bankruptcy?

Roths Child Law

Before you file, you’ll need to complete a short credit counseling course from a government-approved agency. This may involve debt consolidation, negotiation with creditors or other strategies that could potentially avert the need for bankruptcy. This prerequisite emphasizes the importance of informed decision-making.

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What Happens If You Ignore Your Student Loans?

Credit Corp

Wage Garnishment If you have federal student loans, it’s important to realize that the government has power to collect this money if you fail to pay. One of these powers is wage garnishment—the federal government can garnish up to 15% of your disposable income. This can be a huge hit to your budget and should be avoided if possible.

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Should You File for Bankruptcy if a Strong Economy is Just Around the Corner

Titan Consulting

When government assistance is not providing enough income to cover job losses, should you file for bankruptcy or hold out for the economic recovery? Slash spending : The widely available payment relief, government stimulus checks, and bonus unemployment payments are temporary measures to help you endure the current economic crisis.

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How to Negotiate Debt Settlement

Credit Corp

What Is Debt Settlement? Debt settlement is a strategy where you negotiate with your creditors to pay a lump sum less than your total debt balance. Not all types of debt are eligible for settlement, but unsecured debts like credit cards and medical bills are good candidates.

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Insurance and Job Losses: How to Stay Protected After a Layoff

Titan Consulting

Regaining health insurance could mean extending the corporate plan, buying an individual policy, or relying on government insurance programs. As of now, the government has not universally reopened the ACA exchanges for all citizens. Are Government Health Care Programs Available and Under What Circumstances ?

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Managing Bankruptcy and Medical Debt Relief in Broomfield, CO

Debt Free Colorado

Some options are negotiating with creditors, structured payment plans, and debt consolidation. You can also seek guidance from credit counseling agencies, medical billing advocates, and government assistance. Debt consolidation combines many debts, including medical bills, into one with a lower interest rate.