A few questions about consolidation loans

[quincy]

A consolidation is a lot of debts combined into one big debt. The advantage can be one payment instead of several. I don't know if you are eligible.

A settlement is payment of your debts - either in full but with a reduction in the amount of the debt, or over time but with lower monthly payments.

What is better for you should be discussed with a financial professional in your area.

 

[DisabledGeek89]

How much would paying most or all of my debt via settlement damage my credit vs bankruptcy or a consolidation loan?

 

[quincy]

You have asked that same question before.

Paying your full debt is the best option. Paying a negotiated amount in a settlement is probably next best. Consolidating your debts may or may not be a good option - for one reason, you might not qualify for a consolidation loan or the interest on the loan increases your debt or the single payment may be more than you can easily handle. If you miss a payment, you have not improved your situation. Bankruptcy eliminates your debt and allows for a fresh start - but if you are careless with money now, you might find yourself back in the same situation later (more debt than you can handle and no bankruptcy to get you out from under your debt).

You will need to go over your personal financial situation with a professional in your area. This has been recommended several times.