One of my clients gave permission to seek opinions on her debt options. She is up to her eyeballs, and, 3 big cheers to her, is taking charge of the situation. She has a solid income and has a lot of equity in her home. She doesn’t want to go the bankruptcy route – in fact, was told she couldn’t – so is considering using a debt consolidation firm. It would result in an R7 on her credit report.
Her mortgage is up for renewal in a year.
I’m a money coach – helping on the day-to-day money stuff like controlling spending, setting savings objectives, learning how to interpret your mutual fund statements etc – and this particular question is slightly out of my domain and expertise.
Any informed opinions out there?