Consolidating debt a good

To pursue bankruptcy, you must qualify and complete the entire process, including pre-filing and post-filing counseling.

While a debt consolidation is less risky than other options, like bankruptcy, it still carries a considerable amount of risk.

While you can undertake this process on your own, many people choose to hire a professional debt settlement company or lawyer to negotiate on their behalf.

When you begin this process, you set aside funds each month into a separate, insured account.

According to Cambridge Credit Corp., a nonprofit credit-counseling agency, 70 percent of Americans who take out consolidation loans end up with the same or more debt after two years.

Types of debt vary, and this influences what you can consolidate.

Unsecured debts are loans or lines of credit without collateral attached to them and include credit cards and medical bills.After 100 hours of researching and calling debt consolidation companies, our top choice is National Debt Relief, which is one of the most transparent companies we spoke to.It also offers top-notch customer service, and its costs and fees are well in line with industry standards.While you're building up your funds, the company or lawyer you've selected negotiates with your creditors to try to reduce the total amount of debt you owe.When a settlement is reached, the funds you have been setting aside go toward paying your creditors and negotiation fees.

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