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At that point, the delinquency stops affecting your credit. Your credit suffers tremendously in the meantime, and since you’re still legally obligated to pay the debt, a debt collector can pursue you until the statute of limitations runs out in the state where you live.Which strategy will ultimately be the best choice for you depends on your own circumstances, and we can’t tell you what to do.The latter might come with a zero percent introductory interest rate, giving you several months or more to pay down your balance interest-free.The best debt consolidation solution is one that simplifies your financial life or lowers your cost of debt, or both.Debt consolidation companies like National Debt Relief and Freedom Debt Relief offer to help you through the process for a fee (eating into your savings).They will instruct you to stop paying your bills, which leaves you open to lawsuits by your creditors.While you’re in the program, you won’t be able to use your credit cards or open new ones.The plan is designed to get you out of debt in three to five years, after which all of your accounts should be reported as paid-as-agreed.
A great way to consolidate debt, especially if you have bad credit, is to enroll in a debt management program, which we’ll discuss in a moment. Debt is costly and can prevent us from reaching financial goals (or at least prevent us from reaching them when we’d like to).Some people consider credit card debt bad and mortgage or student loan debt good.But the option we want to discuss here is paying off debt.You may have heard that some creditors are willing to settle your debt for pennies on the dollar.