Consumer counseling credit card consolidating debt

Debt consolidation is an effort to combine debts from several creditors, then take out a single loan to pay them all, hopefully at a reduced interest rate and lower monthly payment.This is typically done by consumers trying to keep up with bills for multiple credit cards and other unsecured debts.In the meantime, you likely will be racking up costly late fees and interest charges on all your debts.In the case of debt settlement pros and cons, this is just one of the many cons associated that make it a dicey choice.If you decide to consolidate your debts, another decision has to be made: What type of debt consolidation program should I use?A debt management program is a popular choice because it typically includes credit counseling and education programs to help you to identify the causes of your financial problems.The cons to debt consolidation are just as obvious: The debt is not forgiven or even reduced.You still owe the same amount of money and if you don’t increase your payments and decrease your spending, the problem will never go away. You should be prepared to spend anywhere from 2–5 years in a debt consolidation program before eliminating the debt.

Throw in bills for rent, cable, cell phone, utilities and on and on, and that’s a lot of accounting to keep up with every month.Ideally, there is some cost saving involved in debt consolidation.The one new loan should have a lower interest rate and monthly payment than the combined cost of the bills you consolidated.Credit counselors also can provide solutions that you can take with you after completing the program.The downside on DMPs is that they usually take 3–5 years to eliminate the debt and some people aren’t patient enough to stick with the program that long.

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However, if there is a chance to weigh the advantages of debt management vs.

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