Pros and cons of consolidating credit card debt absolute speed dating springfield mo

11-Sep-2017 11:29

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You’ll not only have more options and solutions available to you, it will ease your stress and you may even sleep better (we find this is true with more than 60% of the people that we help).

A debt consolidation loan is when someone borrows money and then uses that money to pay off other debts.

You may want to apply for a consolidation loan if you’re struggling to make your minimum monthly payments on your credit cards, line of credit or overdraft.

Or, it might make sense to consolidate high interest rate debts into one monthly payment with a lower interest rate.

Stretching the amount of time you have to repay the debt means you end up paying more in the long-run than before you did the debt consolidation.

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Jenny Mc Cune for says that debt consolidation treats a symptom, but doesn’t fix the problem, which is your spending habits.Many consumers who use debt consolidation companies to help them get their finances in order end up finding themselves back in debt because they did not learn how to stop spending or spend wisely.Although some debt consolidation companies are able to negotiate a better interest rate, others simply negotiate a longer term in which to pay off the debt.However, if your credit rating has gone down because of your debts, you may have difficulty applying for a loan.