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Debt consolidation loans are a way to erase a lot of complexity in your life — while saving some money along the way. No more fumbling through 8-10 bills to determine when its due and what the minimum payment is.Debt consolidation loans are generally used to eradicate maxed-out credit card balances, which have become an American epidemic.Imagine the convenience of making one monthly payment to a single lender.It almost seems too good to be true, particularly if you get a favorable interest rate, so it’s an option well worth investigating.Taking stress out of your financial life seems like a great idea.Reducing monthly payments to a single source sounds good to almost anyone in dire need. It works only if the debt consolidation loan reduces the interest rate for your debts, in addition to cutting back the amount you pay each month.When that stack of bills suddenly goes away, it could bring a false sense of security.The real issue is solving the spending patterns that got you in the financial hole.
Keeping track of multiple payments to multiple creditors can be a dizzying exercise.
According to one study, the average credit score increased 21 points within three months of getting a debt consolidation loan.
You should always remember, though, that debt consolidations loans don’t address what might be a symptom of your financial problems.
Debt consolidation loans can be useful tools, but they aren’t the be-all, end-all solution.
Not paying your monthly bill will lead to all sorts of financial headaches – mainly damage to your credit score – but you don’t have to worry about Visa or American Express or the federal government actually repossessing anything you own because you didn’t repay credit card or student loan debt.
Even if you believe your money situation already has plunged into the abyss, look a little deeper.