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Before bankruptcy, consider debt consolidation
11/25/2009
Those who are facing problems with credit card debt may consider turning to bankruptcy as an option.
However, consumers who are having financial difficulties should keep in mind there are other options available, especially since a bankruptcy can remain on a credit report for years. In a recent piece for CreditCards.com, credit expert Todd Ossenfort answered a letter from a reader who was considering bankruptcy because of credit card debt.
Ossenfort noted that because a bankruptcy filing requires that a person go through a credit counseling anyway, consumers may be able to choose other options available.
"Depending on your income level and the total amount of your debt, you just might be able to manage with a little help," Ossenfort wrote.
For example, debt consolidation is one thing a counseling agency can offer people who are facing credit card debt. Through debt consolidation, consumers can potentially lower their interest rate and stop collection calls.
Other options include a debt management plan, which may include consolidation. Through a debt management plan, a credit counseling agency collects a consumer's debt payments and then distributes them to creditors. 
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