Bankruptcy or Bailout
Posted on 27. Nov, 2008 by Brad in Economy | Twitter: @bradhart |
For those considering bankruptcy you might want to take a moment and step back from the situation. If you are jobless, unemployed, downsized, outsourced or only have your crappy barely better than minimum wage job, you can probably go ahead with bankruptcy and be no worse off. However if you have managed to maintain your credit keep your job, and have no serious prospects of losing your job you might consider a Debt Consolidation Loan.
What a debt consolidation loan does is consolidate all or most of your credit bills into a single loan. This loan can come in many, many forms. The reasoning for making sure you will have a steady income to pay a debt consolidation loan off is you are often times putting up equity to secure the loan. That equity is often times your home. This isn’t something to undertake lightly. Lose your job with an equity loan against your house and you could find yourself not only jobless, but homeless as well.
As with any financial product you should seek the advice of a professional and ask them all the questions you might have after having done the preliminary research. My advice is is just that, advice and should be taken for what it is worth.
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