5 years ago · Danielle Patton · 15,207 comments
Why Debt Consolidation is a Bad Idea (or Worse, a Scam)
There is enormous stigma that goes along with bankruptcy filing. The mere word “bankruptcy” invokes a feeling in many of immorality and failure. People usually dread the thought that bankruptcy may be in their future. Yet phrases like debt consolidation, debt resolution, credit management, debt relief, etc.; these terms invoke a completely dissimilar emotional response. These concepts are marketed as an alternative to bankruptcy: a way out of financial hardship, but not shirking one’s responsibilities. However, all is not what it seems.