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Posted by / 06-Jan-2020 10:47

Cons of consolidating debt

Also, make sure you understand if the term for repayment has simply been extended rather than you’re truly paying a lower interest rate.

Kristie Lorette started writing professionally in 1996.

While consolidating debt certainly has merits, it is not the right choice for every individual.

Above all, the approach has to match the need and the comfort level of the borrower.

She earned her Bachelor of Science degree in marketing and multinational business from Florida State University and a Master of Business Administration from Nova Southeastern University.

Her work has appeared online at Bill Savings, Money Smart Life and Mortgage Loan.

The specifics of how debt consolidation works will vary by the type of debt you have and the method you choose.

Many who seek debt consolidation do so because they are not able to manage their finances on their own.

When finances spiral out of control, many consumers make late payments to creditors or stop making payments altogether.

Finally, bad credit can keep you from getting a good interest rate, which negates the main purpose of a debt consolidation loan.

But obtaining debt consolidation loans with bad credit is possible if you fall into that category.

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But if you switched majors, transferred colleges, or went on to graduate school, you may be among the 19% that owe $50,000 and above, or the 5.6% who owe more than $100,000.

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