Would a debt consolidation plan be better for me?

It really depends on your situation – and on the consolidation company. Frequently, debt consolidation plans are phony deals that enrich the company at your expense. At the end of the day, your credit will be just as bad as or worse than if you had filed bankruptcy and you will still be in debt. There is only one way to have good credit and keep good credit...you must always pay according to the original terms and never owe more than you can afford to pay back.