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Should I Consolidate My Debt?

Debt consolidation offers some people a way of managing their debt when it has become overwhelming; this process involves taking out one loan to pay off many smaller loans. The theory behind this method of debt management is that debtors can secure lower interest rates by applying for a secured loan—a loan backed by collateral—rather than drowning in growing interest rates from several debts. Debt consolidation can be a useful means of managing debt for some debtors; however, debt consolidation is not the best option for everyone.

One major concern regarding debt consolidation is that debtors put up their homes for collateral and cannot make the payments necessary to avoid foreclosure. Due to the careful nature of debt consolidation, it can be invaluable to have an attorney assist you. At Ryan J. Ruehle, LLC, our attorneys understand how important these decisions are for your financial future. Our legal team is experienced in negotiation, debt consolidation, and bankruptcy, and can help you decide what your best option is.

Alternatives to Debt Consolidation

Sometimes, debt consolidation is not the best option for an individual. In this case, there are some alternative financial decisions that you can make to alleviate your situation. Some of the alternatives to debt consolidation include:

  • Credit counseling
  • Debt settlement
  • Bankruptcy

These alternatives may be a better option for you than debt consolidation. An experienced attorney can help you assess your financial situation and determine which option is best for you.

Contact a Debt Consolidation Lawyer in Cincinnati

If you are considering debt consolidation, seeking legal guidance from an experienced attorney could be critical to securing your financial future. The debt consolidation legal team at Ryan J. Ruehle, LLC, in Cincinnati is prepared to help you through the decision making process. Call (513) 621-0999 today to learn more.

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