Order consolidating

22-Apr-2020 18:46

Some people consider credit card debt bad and mortgage or student loan debt good.

The truth is that having any debt means you are financially beholden to a creditor and you can’t put your money in your own pocket until your obligation is met.

A company will manage the plan and negotiate some cost reductions with your creditors, such as waived fees or a lower interest rate.

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.

It’s a great tool to see just how many years it takes to pay off debt, especially high interest credit card debt on which you make a small minimum monthly payment.

Which strategy will ultimately be the best choice for you depends on your own circumstances, and we can’t tell you what to do.

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But the option we want to discuss here is paying off debt.

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