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  • Spectacular!

    I liked your fast, friendly service. You were all knowledgeable in the area of bankruptcy. Your treatment of me as a client was spectacular! You were great at promptly responding to my questions and concerns. I loved that you provided courteous and quick responses to all my questions.
    --Donna
  • Highly Recommended!

    I have worked with Seth and he is the utmost professional in how he works with his clients. If you need an attorney you can trust I would highly recommend the Law Office of Seth Hanson.
    --David
  • Very Professional.

    Everyone was very professional and efficient. Seth, and everyone that I had contact with were very knowledgeable. I was very pleased with how we were treated by his staff. My questions were always answered promptly. I was very pleased with the service I received and would not hesitate to refer someone to your firm.
    --Anonymous
  • Non-judgmental.

    You were very open and answered all of my questions. You never made me feel like I was asking a dumb question. I was comfortable with your knowledge of the law. It was hard for me to make this decision to move forward in my life. Everyone was friendly to me and respectful. Non-judgmental. Every question I asked was answered promptly and appropriately. I would recommend you.
    --Anonymous
  • More Than Expected!

    I found the firm's representation to be more than what I expected. I was always kept in the loop, all my questions were answered (whether or not I asked more than once the same question), and I felt completely supported by the firm staff when going through this (at times) scary ordeal. Thank you again.
    --Joanna
  • Very Impressed!

    I liked that you had very friendly, caring staff. You were all very knowledgeable. Your treatment towards me was excellent and you quickly responded to all my concerns. If a friend asked of your overall impression, I would say that we were very impressed and we would recommend you to them.
    --Danielle

Should I Take Out A Debt Consolidation Loan?

Should I take out a debt consolidation loan?Many people consider taking out a debt consolidation loan when in financial trouble. There are many considerations when deciding whether to take out a debt consolidation loan in order to pay off debts. In a consolidation loan, you essentially take out one big loan to pay off all your other smaller loans. It’s important to weigh your options when considering something that will have longstanding effects on your financial life.

Should I take out a debt consolidation loan?

Let’s take a closer look at the benefits and disadvantages of these types of loans.

Pros and Cons

There are a number of sources for debt consolidation loans including: banks and credit unions, friends and family, credit cards, and home equity loans. Each has its own set of pros and cons, so you’ll want to explore each of these options, apply it to your own situation, and determine which, if any, is right for your situation.

On the plus side, having all your credit card payments rolled into one is easier to manage and to budget from. This may make it easier to ensure you don’t accidentally miss a payment. There is also a chance that you can lower the amount of money you pay in interest every month.

The negatives of debt consolidation loans outweigh the modest benefits in my opinion. First and foremost, you must understand that a debt consolidation loan does not eliminate debt. All it does is change the names of your creditors. Moreover, once you take out your consolidation loan and pay off all your credit cards, your credit cards are now usable again and have zero balances. I can’t tell you the number of times I’ve seen people do debt consolidation only to have them start racking up additional credit card debt—in those case their debt increased tremendously as a result of debt consolidation. Having a balance on your credit card again is a temptation that some individuals mistakenly use and fall back into being in a major debt situation all over again. Debt consolidation does not eliminate debt or address the root causes of your debt. So, unless debt consolidation is also accompanied by a change in spending behavior, it will likely not be a solution to your problems. Also, it’s important to ensure you have a payment plan that you can afford and stick to. If you miss a debt consolidation loan payment, you could end up back where you started or even worse.

Keep in mind that there are many debt consolidation tactics that range from debt management programs for individuals that are willing to pay a fee to have someone else collect payments and disperse them to your creditors, to using a credit card balance transfer for those individuals that have an excellent credit score and want to do it themselves. If you are experiencing financial difficulties and unsure of what your best option is, contact a Roseville bankruptcy attorney, who often act as credit counselors for their clients and can advise them on the best way to proceed when pursuing debt relief.

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