Vance P. Truman, Attorney at Law
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When to consider debt consolidation

Your wages are three-quarters what they were. You can't stand to look at your phone because creditors won't stop calling. You can't dream of owning or keeping a house as your credit score plummets every month.

Debt is a terrifying part of American financial life, especially for those who rely on loans to get an education or own property. When debt gets out of control, people have to fight to regain control of their lives. Fortunately, there are many types of debt relief that an experienced attorney can help you to use.

Debt consolidation is a commonly used tool, although it only works well for specific types of debtors. It is a good approach for people who have the ability to pay their bills but not the resources or organization to cover all of them. There are also related costs to consolidating debt into new payments.

Some personal loan lenders may offer refinancing options with lower interest rates and monthly payments that make debt more manageable. This may be an alternative to debt consolidation, especially for those with fewer total loans.

An attorney is often recommended when one is considering debt consolidation or other instrument to make debt more manageable. Online lenders and debt consolidators may be scamming people looking for an apparently quick and easy way to solve their financial problems.

In addition, those in debt -- especially consumer debt -- need to address their spending and other financial habits. Better budgeting and thriftier spending can make all the difference for individuals and households in debt.

Source: Cleveland News 19, "9 things to know about debt consolidation loans," Andrew Housser, accessed Oct. 12, 2017

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