What are the options with consumer proposals and debt consolidation ?

I am considering filing bankruptcy. I know that consumer proposals - debt consolidation are another option. If anyone can give me information on this it would be much appreciated and the most thorough answer will get 10 points - again thanks.

What are the options with consumer proposals and debt consolidation ?
Debt Consolidation doesn't work! You will end up paying the same amount. You cannot borrow your way out of debt.





Change your habits, get a game plan, a budget....... and stick to it. Get an extra job and start paying off debt. It can be done. Live on less than you make.





Companies that say they will clean up your credit have two basic problems.


1. For purposes of getting a mortgage, going through companies that take your money and pay your bills will reflect on your credit as though you filed a chapter 13 bankruptcy.





2. Only transactions seven years or longer, or a mistake , may be taken off your credit report. A company that says otherwise is either lying or operating illegally.





Consumer Credit counseling services don't teach you how to manage your money, which is what you need to learn or it will just happen to you again.





Try calling your credit card companies and negotiate the interest rates on your cards. Tell them you are going to transfer the balance to another card with a lower interest rate. This usually works to get your interest lowered. Do take on another job or sell something. You can get yourself out of debt with a plan.





Good Luck!!
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