The conventional wisdom is that paying down your debt is a good idea all of the time. In fact, paying down debt is only a good idea some of the time.
Before you commit your hard-earned cash to debt reduction, ask yourself a few questions:
1. Have I considered all the factors?
The money you invest may not offset the savings you realize. In other words, paying down debt might cost you more than you think. You also need to consider the status of the debt you want to pay down; paying off some accounts can actually reduce your credit score.
2. Have I considered all my options?
Be wary of anyone who “guarantees” results; credit repair is a lot more complicated than shoe repair. If you are facing mounting levels of debt, it’s best to call the professionals at Henley and Henley. They can offer both pre- and post-bankruptcy solutions to your financial problems.
3. Why reduce debt when I can eliminate it?
After filing a voluntary petition under Chapter 7, most or all of your unsecured debt may be discharged within a few months. Bankruptcy may be the best way out for consumers who cannot repay their debts. Call Henley and Henley today for your free consultation.