Many people assume that their healthcare provider will cover long term care. Unfortunately Health care insurance covers medical bills, hospital bills and some prescriptions. They do not cover nursing home expenses. The same rule applies for Medicare. Medicare will pay for skilled nursing home care only for patients that are able to fully recover from their injuries or illnesses. Then myth is that a person can always fall back on Medicaid, but Medicaid is for people who fall under low income guidelines and have little or no assets.

If a person can afford long term care insurance, it is highly recommended that they purchase it when they are young, as rates are substantially lower.

The creditor will benefit from debt consolidation because they know they will be receiving money from this lender. From their standpoint, they would rather get some money than have debtor file for bankruptcy and get nothing.

The lender is also benefiting from donations that non-profit organization receives for their services.

The debtor receives greatest benefits from debt consolidation. They now have one monthly payment, which is smaller than their combined payments were before. They will get their debt paid faster due to fact that (A) they cannot use their credit cards at this point. The creditors have closed their accounts, but left them in good standing. (B) The interest rates have been lowered; therefore debt will be paid off faster. Another benefit from debt consolidation is that you can reestablish your credit without having blemishes on your credit report.