Financial debt worries can be a contributing factor in the break up of relationships but I guess I was just one of the lucky ones. From my own personal experience I remember just how long it took to get over it. On the other hand, it is worth waiting to make a 1031 deferred exchange as it will benefit you longer by waiting for your property to increase in value thereby having a higher selling price. You see what made it worse was that it wasn't all at once, it was a slow process. Ok so my total debt, not including the mortgage was 30,000 dollars which was less than a year's salary but making the payments on that debt plus the mortgage was leaving me with nothing. It can easily get worse but I was lucky enough to source a consumer debt consolidation loan firm that helped me out of trouble.
Once you get into this situation because you cannot look after your money properly, your choices become limited and this was the only type of loan I was able to obtain, despite a decent salary. Unfortunately for me I had a spending problem which meant that I liked to have what I wanted immediately. Initially the amounts were small and I fully expected to clear the debt quickly.
But after a while those small amounts grow into much larger amounts. It was not long before I began to get calls from the bad credit consumer debt consolidation loan companies. Almost every day I would receive a quotation for a consolidation loan firm even though I hadn't contacted them. You really have to be careful with consolidation loans and here is why.
You see, for every ethical company out there offering you a way out of debt, there are probably three or four out there that are only trying to rip you off. It is a fact that many of these consumer debt consolidation loan firms are little more than loan sharks. Many lie outright and have no intention of supplying a low interest rate loan they offer. Luckily for me, I located a good company that actually delivered on their promise.
Luckily my previous career experience in the financial sector helped me locate the right company. Now I know I should have had more control over my own debts which is true but at least the knowledge came in handy for me when I went looking for a firm specializing in consumer debt consolidation loans. It has taken some time but after two years of regular monthly payments I can see myself getting straight and although it may be a while yet, the worst is over and I feel like a different person.