Tuesday, February 2, 2010

Borrowing Money Doesn t Have to Lead to Bankruptcy

The recession changed the market

Good news for debtors: You really do have options

Borrowing money doesn't mean consumers have to file bankruptcy when they get into trouble. Today's market is changing. It's not as easy as it once was to manage due to the recession, unemployment rates, job cut-backs, and overall market problems. The good news, however, is that hard financial times have opened the doors to more options for people in trouble. Many people who formerly would have automatically looked to bankruptcy have some options now. Here are a few that may help.

Refinance a home

For consumers who are having a hard time making ends meet, now is a great time to look into refinancing. Interest rates are at all-time lows now and that can save any family a considerable amount of money on a monthly basis. For consumers who have steady income and some equity in a home, refinancing can be a good way to reduce monthly expenses. In an Economy.com article, Martin Battleman said, "It's the perfect time to talk to mortgage companies…in particular if you are a good paying customer. They don't want to lose you and with interest rates so low, it could save anyone from financial disaster." … click here to read the rest of the article titled “Borrowing Money Doesn t Have to Lead to Bankruptcy



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