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Can Debt consolidation be an alternative to filing Bankruptc

by allegraaleen

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Generally when a person undergoes financial crisis and finds it difficult to pay off his creditors he seems declaring bankruptcy as the only possible option. But filing bankruptcy in North Carolina should actually be the last possible alternative as the government has designed several other programs that could help the citizens during such crisis. These programs are specifically made for people who are under heavy debts. It depends upon the present economic condition of the person as well as the assets he own. One of such option is consolidation of all your loans into a single entity.

If you are residing in NC then you can go for North Carolina Debt consolidation. It is a creditor sponsored program. Here all the loans and debts pending on you are combined into a single loan with convenient monthly installments. The best part is that when you get your loan consolidated the overall interest rate gets reduced and hence you have comparatively lower monthly installments to pay for. Moreover it also reduces the liability of managing multiple loans. Now you are only concerned with a single debt and need to work towards only a single monthly payment. Additionally if you increase your overall term for repayment then the installments could reduce even more. This can ease the financial stress that you are facing currently.

Debt consolidation has several positive benefits apart from reduced interest rates. One of it is that you won’t face any kind of harassment through creditors or collection agencies. Generally it’s the stress caused by such creditors that pushes you towards bankruptcy. Moreover it is seen that people who have combined all their debts finds it easier to meet deadlines. In some cases the creditors could also acknowledge the persons attempt to get rid of the loans on him by waiving off late and over the limit charges. So you can see that bankruptcy is not the only solution consolidation can provide you much relief to manage the debts. Similarly if you are finding it difficult to pay off your mortgage payments then you can also avail home affordable modification program where your installments are reduced through a specific debt sharing between the lender and the government.

If you are facing similar situation in your life then it’s advised to you to go for family credit counseling services. These services are provided by government approved agencies. These agencies have a team of professionals who analyze your present financial condition and device a strategy that could help you in getting rid of your debts in the lowest time possible. These agencies work with creditors to churn out the best possible consolidation program for you. You can search for such companies on the internet and avail their services.

The author is a financial analyst. In this article he explains that North Carolina debt consolidation program can be an alternative to filing bankruptcy in North Carolina.

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