The financial arena is full of places to accrue debts. Some like house loans and car loans are secured by tangible assets; others like credit card bills, small loans, medical expenses, and other miscellaneous debts are not. It is the smaller unsecure loans that are so easily obtained and ultimately that begin to close down upon the unsuspecting borrower and squeeze the air from them. First its a feeling of helplessness, then it becomes suffocation, an almost drowning effect that leaves the person feeling there is no other option available but to file bankruptcy.
Filing bankruptcy is never the perfect solution to solving debt management issues. Sure, it relieves the debtor from all the stresses associated with repaying the volumes of debt amassed, but it also leaves a distinct mark on future credit options. Debt management through a consolidation plan may offer a better solution. Debt consolidation when obtained through credit counseling services, can focus energies on creating a result-oriented plan of action for getting out of debt in the shortest amount of time possible. The results are measurable, and the long-term effects of the process are much less drastic...