Consolidating your bills
Also, not all debts can be discharged in a bankruptcy. Collection accounts fall off your credit report after seven years.Debt consolidation makes sense for people who want to make one payment each month instead of several, and for those who can lower the amount of interest they pay by taking the new loan.You can figure out how long it will take to pay off your debt using a debt payoff calculator like this one from CNN Money.A company will manage the plan and negotiate some cost reductions with your creditors, such as waived fees or a lower interest rate.
You’ll make a single payment to the plan manager, who will distribute the funds to your creditors.
While you’re in the program, you won’t be able to use your credit cards or open new ones.
Consolidating your bills comments