Filing bankruptcy or working with a debt consolidation service, two options.
On the surface, some may wonder which one is better than the other.
Some might not even weight the differences between the two.
They might just explore whichever option is cheaper.
Nonetheless, such strategy is not a wise one because there are significant differences between the two.
This, in turn, leads to one asking which method is the better of the two.
To answer such a question can be somewhat complex.
Instead, it's would be a wiser option to try and decide which of these options would be better based on your own particular circumstances.
However, for most people, seeking a debt consolidation service would be the far better option.
This is because there are far fewer complexities associated with consolidating loans that going through the very involved process of bankruptcy.
The purpose of bankruptcy is to legally prove you are buried in debt and to ask for legal protections.
For many, the end result may not be something they are actually pleased with.
And, of course, your credit rating will be thoroughly devastated for years due to this proceeding.
As a result, this option should be a last resort that needs to be avoided.
Debt consolidation options don't require the need for legal representation.
Instead, you renegotiate a series of debt and establish a more agreeable payment plan.
This process is free of all the serious trappings associated with bankruptcy filings.
Furthermore, any negative marks on your credit as a result of this alternative can be fixed quite easily over a short span.