Back in about 1999-2000 I checked into debt consolidation and it was a fucking joke. The payment I was to make per month for consolidating was about $45 or so more a month than it was to pay my debts as I was doing.

I filed bankruptcy. Didn't want to, tried to stay afloat as long as possible, but had to do so.

I know since then they have tweaked the laws concerning bankruptcy in which it is supposedly much harder to file. I am not quite sure about that though.

Good luck to you whatever you decide.

if your debt will take you more than 7 years to pay off then you may want to go bankrupt. say your debt will take you 15 yrs. to pay off, then you should file for bankruptcy, usually it takes 7, but now i hear 10 years to get your name back in good standing. w/ debt consiolidation, you will find out what you'll have to pay off, they'll lower each credit card. however, you want to make sure the place is reputable, not a scam, by calling the better business bureau.

there's a support group for that kind of thing on this daily strength forum list.

thanks

pretty much two different things. I can give opinions, but you should consult an expert. Bankruptcy is a 'hammer' where debt consolidation is a bandaid ... but I am not sure that is a good analogy either. I would not do a BK unless I was going to do it BIG .. say several hundred thousand dollars ... but that is just me.

The other problem with debt consolidation is ... as Kaino implies, there are a ton of 'lousy' debt consolidation organizations and many are just barely on the sunshine side of 'shady'. This is because there are so many people in financial trouble, the 'bugs' have come out of the woodwork. Here is SOME info but I cannot confirm the source:

http://www.outtadebt.com/bankruptcy/debt_bankruptcy.html

Before doing either.. check out:

http://www.daveramsey.com/radio/home/

http://clarkhoward.com/

Both experts can probably help you decide what is best for you.