Lesson 13: In our ongoing Wealth Wisdom video series, we’ll teach you financial fundamentals. In this thirteenth lesson, Terry Kuykendall, a budget analyst for the military, will explain how debt relief without bankruptcy will affect your credit score:
Here are the lessons on debt relief without bankruptcy described in the video:
- Debt relief without bankruptcy is the best option for getting out of debt. The most common version is a debt consolidation loan.
- Debt consolidation takes all your existing debts (loans and credit card bills) and puts them into one lower, monthly payment. This saves you from filing bankruptcy.
- If you do have to file bankruptcy, you will have a black mark on your credit from the government.
- Bankruptcy will prevent you from borrowing any money for anything in the next 7-10 years.
- Therefore, bankruptcy is not a good option.
- The best way to get out of debt without bankruptcy is a debt consolidation loan.
Learn More: This is great advice. If you’d like to learn more about your Debt Consolidation Options, you can learn more here.
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