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Are debt consolidation loans a good idea?

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2009-12-05 05:14:51
2009-12-05 05:14:51
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Whether or not a debt consolidation loan is a good idea will depend on your particular circumstances. Debt consolidation loans aren't really getting you out of debt, they're just consolidating your debt into one loan. If the monthly payments are lower, it's either because the interest is lower or the term of the loan is longer.

If you can get a debt consolidation loan with a reduced interest rate, that may be a good idea since you'll be saving money, enabling you to get out of debt faster. However, if the interest rate isn't lower, look elsewhere for answers to your debt problems.


Answer 2


At times, a little ignorance or an inadequacy to repay the loan amount lands you in a situation where you feel crushed under a pile of debts. If proper care is not taken in due time, there is a possibility that you may fall prey to a disastrous situation like bankruptcy. Subsequent to this, you will find it almost impossible to borrow funds in the near future at decent interest rates. We offer you a feasible way to come out of your present debts in a simplified manner. With the help of a debt consolidation loan , you can combine more than one debt and replace them with a single, more manageable debt.

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Pay off loans are for people who don't even have enough money to buy a house in the first place. Bad idea and will have you swallowed in debt in no time.

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