credit counselors look at your total financial situation, and help you work out a plan to pay off your debt. reputable credit conselors can help you create a money management plan, and a debt pay down plan, as well as provide free resources and workshop related to money management.
consolidating your debts
1. loan consolidation
a. you make only one payment, usually lower than the total amount of you monthly debt payment
b. best to use only when combined with credit counselling
c. if you own a home, consider consider you spending habits cerefully before you take out a home equity loan. you could end up with a loan and large credit card vills if you dont change your spending habits.
watch our for "credit repair" companies
1. offer for profit counselling
2. offer debt consolidation loans
3. offer debt counselling
4. some advertise they can erase a poor credit history
garnishment is a legal produre that withold a portion of you earning for the payment of debt.
there is a limits for garnisment
1. lesser of 20% of your disposible income or 30 times tinners the federal hourly minimum wages
2. you may be able to get a "clain of exemption"
Bankruptcy is a legal process perfomed under the bankruptcy and insolvency act. becaise of you inability to pay your debts, you assign all of your assets, except those exempt by law, to a licensed trustee in bankruptcy. these process relieves you of most debts, and legal proceeding againts you by creditors should stop.
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