September 4, 2006 1:51 AM
10 Debt Consolidation Myths #9: Bankruptcy Is Too Bad To Jump To
Bankrate has an excellent review of common misconceptions of debt management. Here is the next installment: Bankruptcy Will Ruin Your Life..
Yes, bankruptcy will be painful, but sometimes if your situation is dire, you have to bite the bullet. In other words, debt consolidation, including any of the debt management or debt settlement programs, is not for everyone.
From Bankrate:
A good credit counselor will level with you when your situation requires this final stroke. "I've had people with no other alternative -- they've spent years borrowing from every relative just to make ends meet. They're on a fixed income, usually elderly," Greenberg says. "Having to deal with bankruptcy in their background is a better alternative than going without food and shelter."
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