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In most cases you are not responsible for another persons debt when they die, unless you are a co-signer on the account. If however, that person was your spouse and you live in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin), debts incurred during the marriage are considered commu

Debt consolidation is a wise choice if the individual is drowning in debt, and cannot negotiate any lower interest rates with their credit card companies.

Debt consolidation is a form of debt refinancing that entails taking out one loan to pay off many others. This commonly refers to a personal finance process of individuals addressing high consumer debt but occasionally refers to a country's fiscal approach to corporate debt or Government debt. The process can secure a lower overall interest rate to

Debt consolidation stays on the credit report for the time than individual accounts are reported, i.e. seven years from the date that the account was settled.

If you're hopelessly drowning in debt, know that you can't negotiate any lower interest rates with your credit card companies or creditors, or if the math works out, a debt consolidation loan may be a good decision for you.  If it may be a good time to strike, pay it all off, and walk away debt-less.

Building credit. Borrowers with bad credit can turn to consumer loans instead of credit cards. The other major benefit of a consumer installment loan is that the lender may report the borrower's payment history to credit reporting agencies.