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It won’t prevent you from getting credit in the future, but for a time some credit products will be unavailable to you and others will come at very steep prices.

Also, not all debts can be discharged in a bankruptcy. Collection accounts fall off your credit report after seven years.

However, such consolidation loans have costs: fees, interest, and "points" where one point equals to one percent of the amount borrowed.

In some countries, these loans may provide certain tax advantages.

Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming. Your financial situation doesn’t have to go from bad to worse.

If you or someone you know is in financial hot water, consider these options: self-help using realistic budgeting and other techniques; debt relief services, like credit counseling or debt settlement from a reputable organization; debt consolidation; or bankruptcy. It depends on your level of debt, your level of discipline, and your prospects for the future.

Interest is the fee charged by the creditor to the debtor, generally calculated as a percentage of the principal sum per year known as an interest rate and generally paid periodically at intervals, such as monthly. Although there is variation from country to country and even in regions within country, consumer debt is primarily made up of home loans, credit card debt and car loans.

Last modified 21-Mar-2016 23:08