The Pros and Cons of Debt Consolidation in California

Debt consolidation is a finance strategy which entails taking all a debtor’s debts, especially high-interest debts, and melding them together into a single monthly payment with preferably a lower interest rate. This may seem like a dream come true for any individual struggling with their finances, but there are still some issues to consider before deciding debt consolidation is best for you. Depending on the circumstances, filing bankruptcy in California may be a more useful approach. If you need help getting your debt under control, the Roseville Chapter 7 bankruptcy lawyers of The Bankruptcy Group can help you understand your options. Types of Debt Relief There are generally four different types of debt consolidation an individual could choose from: A credit card balance transfer A debt consolidation loan A home equity loan A personal loan A credit card balance transfer allows a debtor to take the balance from various credit cards and transfer it to a single credit…

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