Well, both really ruin your credit however, it is easier to repair your credit after consolidating. However, you will pay a fee for this. Why not just try to get your interest rates lowered and pay off the debt on your own. It may feel overwhelming but, once you have a plan and stick to it you will see results.People surveyed who filed Bankruptcy place Bankruptcy as one of the top 5 negative life changing experiences they have had.

The ramifications of filing bankruptcy go far beyond getting rid of the debt. It affects your ability to get a job, rent an apt. get credit for things like buying a washer or dryer, or even having repairs made.

If you need something really badly, and don’t have the cash, you do without.Depends on what is better for the individual.

If you own a property, car etc then maybe bankruptcy is a bad idea.

You should go first to an advice centre like CAB who will be able to advise your best option once they know your exact position. There are more alternatives in dealing with debts than those you listed aboveFacing up to your problems and dealing with them is much the best answer. If you can consolidate, do. Or deal with every debt by a basic payment, and then put ALL your remaining funds to eliminate one, starting with the one you pay the highest rate of interest on. When that is gone, concentrate on the next. Another way would be to pay off quickly any debt that is small, just to get rid of it and allow you to then concentrate on the others, one at a time.

I’d prefer to do it myself, rather than pay someone else to do the same I could anyway, once I set my mind to it.

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