Consolidating credit card debt information dating sites in islamabad
Debt consolidation is nothing more than a "con" because you think you’ve done something about the debt problem.
The debt is still there, as are the habits that caused it — you just moved it! You can’t get out of a hole by digging out the bottom. Larry Burkett, noted financial author, says debt is not the problem; it is the symptom.
Debt consolidation seems appealing because there is a lower interest rate on some of the debt and a lower payment.
However, in almost every case we review, we find that the lower payment exists not because the rate is actually lower but because the term is extended.
But they don’t tell you that it will now take you six years to pay off the loan.
The debt consolidation company tells you they have been able to lower your payment to 0 per month and your interest rate to 9% by negotiating with your creditors and rolling the loans together into one. Who wouldn't want to pay 0 less per month in payments?You will now pay ,080 to pay off the new loan vs.Myth: Debt consolidation saves interest, and you have one smaller payment.Truth: Debt consolidation is dangerous because you treat only the symptom.If you stay in debt longer, you get a lower payment, but if you stay in debt longer, you pay the lender more, which is why they are in the debt consolidation business.