The Quicksand of Debt
Debt Refinance vs. Debt Consolidation

When clients come to me with concerns about their debt, I like to give them this analogy:


Did you ever have a fear of quicksand as a kid just to grow up and find out it’s not that big a deal? 


As a kid I would always ask my parents, “Is there quicksand?” anytime they took me to a place that had water around it.  I credit a lot of this to the movie, “The Princess Bride” but the fact remains is at that time in my life, quicksand was on my top 10 things to be fearful of.

As we get older, we are not taught about debt, the difference between “good and bad debt”, or even how to sign/ terminate a contract.  Like quicksand, debt starts to creep up on all of us.  For a lot of people, it starts out with student loans, which grows into credit card and auto loans, ending most of the time on getting a mortgage.  Next thing you know, you are in over your head in all kinds of debt, don’t know what to do, and helplessness kicks in. This is when the quicksand analogy starts to make sense.  

People then turn to professionals to get help and the debt trap comes full circle. 


Fortunately for us, it does not have to be this way and the options that are available are far less bumble some than previously imagined.

There have been many debates on which type of debt reduction plan works best.  There are four types of ways to get out of debt:  

A Gift

There are times when charities or family members will simply “gift” a person the money needed to pay of a person’s or business debt. Of course, this can only happen if there is an open line of communication with those family members or entities.  
Odoo • Text and Image
Odoo • Image and Text

Debt Consolidation

The most used, expensive, and time-consuming ways to get rid of debt is hiring a debt consolidation company.

This usually entails 1. defaulting on your debts to work out a payment arrangement. 2. Working out reduced payments and interest terms with the debtors in order to provide the relief needed. This means extending the term of the debt.

Debt Refinance

This option is probably the best and most underused option.  Debt refinance is the process of raising one’s credit score high enough to refinance their debt with any institution willing to give better terms than they currently have. This includes lower interest rates and lower payments.
Odoo • Text and Image
Odoo • Image and Text


The process of filing with the courts for federal protection or forgiveness from creditors.

Most consumers could avoid any kind of bankruptcy with enough future planning.  In contrast, too many Americans who file for Bankruptcy wait too long and lose all their assets in the process.

So which way is the best?  The answer is simple but complicated in its simplicity.

The answer is all of them.  Any company or person that tells you that one way is the better probably has a paycheck attached to it. Think about it:

  • The person with the debt consolidation company gets all the profits you pay them.  
  • The banks want the loan for the debt refinance.  Loan officers usually get bonuses and salary for writing loans.  
  • Lawyers courts, and municipalities will make money off the Bankruptcy filing fees.  

The best thing you can do is to get some professional advice on which options are best for your personal financial situation. 


My companies spend so much time, undoing or education our clients on how these industries will prey upon their financial plights. 


The trick to navigating these companies and information is to get a general idea of the pro’s and cons to each of these programs. 

As an Endeavor Consulting client, we can not only advise you on these options. If any type of financial worry is on your mind, then take the time to schedule a free consultation with one of our professionals.  Find the option for you, and let us help you live your best life, while we worry about your financial goals.