Also, not all debts can be discharged in a bankruptcy. Collection accounts fall off your credit report after seven years.
At that point, the delinquency stops affecting your credit. Your credit suffers tremendously in the meantime, and since you’re still legally obligated to pay the debt, a debt collector can pursue you until the statute of limitations runs out in the state where you live.
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Using transfer credit cards to consolidate your debt does require that you have decent credit, so if you have a less than a stellar credit report, this may not be the method for you.
A variety of different websites have a review of payment cards that can help you find the right one for you.
However they can be very helpful as you develop long-term financial plans, especially in building your credit.
Other companies of note: Light Stream Back to Top If you own a home, you can borrow against it to consolidate your outstanding debt. First, the APRs tend to be lower because homes intrinsically have value as collateral.
This does mean, however, that you need to overborrow on the loans you have in order to make payments to other lenders. If the net of the APR is still less, you come out ahead.
This isn’t always preferable and requires that you have a positive income flow after graduation. Second, consolidating your debt simply makes things a whole heck of a lot easier to track.Additionally, the payments and terms are very flexible, meaning you can generally work with the financial institution to pay what you’d like, when you’d like, too.Note that the term APR will be lower as the term extends.Back to Top One of the most popular ways to consolidate debt is to to a variety of different credit cards that offer 0% APR for a period of time.Credit card companies want your business and definitely are happy to take your transfer, especially if you have decent credit.The problem is that bankruptcy is a serious derogatory mark on your credit.