Buying a home and consolidating debt
It won’t prevent you from getting credit in the future, but for a time some credit products will be unavailable to you and others will come at very steep prices.Also, not all debts can be discharged in a bankruptcy. Collection accounts fall off your credit report after seven years.
Some people consider credit card debt bad and mortgage or student loan debt good.
They may simplify your payment without significantly lowering your cost of debt.