Debt Management Tips
Debt settlement on the other hand is a similar to merging yet its span of transaction is shorter, usually within a year or two.
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You may want to get some professional help too. Hire a debt counselor, he or she would guide you through the process of financial recovery and if necessary file for bankruptcy. However, that should be your last resort, as bankruptcy stays on your credit history for 10 years.
Work towards lowering you payments and interest rate. You can either contact your creditors or ask your consultant to discuss it for you. They will gladly set up a payment plan; in some cases with reduced payments, and if you stick to it, your credit rating may be saved.
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