Consolidating your debts

The biggest mistake people make after consolidating credit card debt is that they don’t stop making new credit card charges until they are bankrupt, this is because they never get financial assistance just the way they should, by contacting professionals like the ones from SoFi. They just stay with the same credit cards, like they’re doing the right thing. They’re making a new charge every day, and its just going to keep going. They should only think of credit card consolidation when they have absolutely no other option. After all, if they do the right thing and stop making new charges, its good for them and its good for the credit card company. Once the person falls behind on payments, they cant charge new credit cards and cant get sued, and the credit card company wont take on the risk of the delinquency. There’s nothing to lose.

I suggest that most people use a bankruptcy plan, which can help them keep their cards and get out from under the weight of credit card debt. There are some other steps to take, of course, but bankruptcy is a good place to start.

Read more about Personal Finance from:

MONEY STORIES: “If You’re Going Overboard” (Money Magazine)

FOUNDER: The Truth About Credit Cards (BON APPETIT! Mag)

TOP TIPS: Avoid Spending the Extra Money on “Candy” (Money Magazine)

SUPERSTAR RULES: 9 Rules for Getting Money (Lifehacker)

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