You’re in deep with credit cards, student loan debt and car loans.Minimum monthly payments aren’t doing the trick to help nix your debt.In fact, you end up paying more and staying in debt longer because of so-called consolidation.Get the facts before you consolidate or work with a settlement company.
In other words, they haven’t established good money habits for staying out of debt and building wealth.
But let’s be honest: Your interest rate isn’t the main problem. This specifically applies to consolidating debt through credit card balance transfers.
The enticingly low interest rate is usually an introductory promotion and applies for a certain period of time only. In almost every case, you’ll have lower payments because the term of your loan is prolonged. Your goal should be to get out of debt as fast as you can!
Here are the top things you need to know before you consolidate your debt: But here’s the deal: debt consolidation promises one thing but delivers another.
That’s why dishonest companies that promote too-good-to-be-true debt relief programs continue to rank as the top consumer complaint received by the Federal Trade Commission.