Does non-bankruptcy related credit consolidation work?
Nine out of 10 non-bankruptcy consolidations fail, and many of these so called consolidations are outright financial scams. The reason most fail is because there is no law forcing all the creditors to enter into this consolidation agreement, nor force them to stop charging credit. So many people end up paying longer and more money than their original plan called for. Additionally, your credit will not begin to recover until you make your final payment, which is on an average of 3-5 years after you begin the process. Bankruptcy, on the other hand will help you recover and will force all creditors to adhere to the FEDERAL LAW.
