The worst place your multiple debts could take you to is to the brink of bankruptcy - a little nudge and you topple over.
This is the worst thing that could happen to you, and you need to do everything to avoid it.
Your complete financial reputation is torn to shreds, and you lose everything you have acquired over the years to help pay for the debts you owe.
You can avoid bankruptcy through debt consolidation.
With bankruptcy imminent, seek professional advice.
As a matter of fact, you should seek professional help the moment you sense your finances going awry, much before bankruptcy rears its ugly head.
Through proper guidance from financial experts you can learn to deal with your multiple debts.
Dealing With Bankruptcy If you had sought credit counseling much before, you would not have reached this stage of bankruptcy.
With bankruptcy around the corner, credit counseling may be a bit too late, but you may be able to avoid bankruptcy through debt consolidation loans.
Such loans have over the years helped many people avoid bankruptcy.
Through this loan, all your debts are merged into one large debt, and you make your monthly payments to one creditor only.
The other ways to avoid bankruptcy is through debt consolidation mortgages and debt consolidation re-mortgages.
Debt consolidation mortgage is a second mortgage on your house, or any other real estate property.
This option does not require you to change your original mortgage lender.
Your mortgage lender - the mortgagee - pays up your various debts to help you avoid bankruptcy.
As the borrower, you pay extended monthly repayments to the mortgagee.
If you opt for a debt consolidation re-mortgage, you need to change the mortgagee.
The new mortgage that you draw will include all your debts, and is an apt way to help you avoid bankruptcy.
You should use all means at your disposal to avoid bankruptcy.
Seek financial advice as early as possible so that you never reach the stage of bankruptcy.