Combining all your debt into one low monthly payment (AKA – Debt Consolidation Loan) is a very common process for consumers (PEOPLE) who have let their borrowing get completely out of control. It’s really amazing how quickly our bad debt gets out of control – I should know because I have been there. Before I went bankrupt on a personal level, I had 8 credit cards with limits between $500 and $5000 dollars. All total, I had over $30,000 dollars in debt to contend with, and no real way to get out of the financial mess I was in. It was hard to even get up in the morning – it had gotten that bad. I had no idea how much stress it was going to cause either – when you finally realize that there is no way you can work hard enough to make enough money to pay off all your debt, it feels like your world is falling apart – I get it.

There is a point of no return when it comes to debt and your monthly income. You may have a decent job, but when the interest on your debts (around 18% for credit cards and department store cards) is growing faster than you are earning, then you are at the point of no return – meaning you are going to have to claim personal bankruptcy in the near future. At this point you only have two choices; claim personal bankruptcy, or get a debt consolidation loan and combine all your debts into one monthly payment. You have to hope that the interest rate on the new consolidation loan is low enough that is manageable on a monthly basis after you pay your rent or mortgage bills, taxes, food, clothing, entertainment, vehicle costs, fuel, repairs, etc.

You don’t want to just jump into personal bankruptcy, so the first step is to combine all your debt, get your financial house in order, and then try again. If you don’t make it this time, you will have to face personal bankruptcy – whatever you do try to remember that you are not alone in these problems. Swimming in bad debt is an epidemic these days and it’s nothing to get hung about. You can change your financial affairs and in time you can be free of bad debt forever.

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