For people looking at consolidation, it is important to look carefully at the interest rate you will be getting, because if the interest rate is higher than the current rate you are paying, making use of the consolidation loan doesn't add up at all.
Our best advice is to speak to a financial company that will be able to assist you, to make sure what is the best debt option for you.
But the truth is the debt is still there, as are the habits that caused it—you just moved it!
You can’t borrow your way out of debt in the same way you can’t get out of a hole by digging out the bottom.
They also probably haven’t saved for all of the “unexpected events,” which will eventually become debt too.
The online process was so simple and I thought too good to be true!
Debt consolidation can make a lot of sense for people with a high level of debt or paying a lot of bills.
A loan with a longer term may have a lower monthly payment, but it can also significantly increase how much you pay over the life of the loan.
View the Total Cost of Borrowing Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you.
It's important to remember that after debt consolidation, consumers should closely monitor their finances and avoid taking on any new debt.