With so many ads on TV and the Internet proclaiming debt consolidation as the answer to financial difficulties, it´s no wonder many people assume it must be the ideal debt solution. The reality, however, is that many misconceptions surround the seemingly simple notion of consolidating credit card debt. In fact, consolidation will not necessarily reduce or even secure a fixed interest rate, and may not expedite your debt relief at all.

Services proposing to consolidate your debt will recommend the following: place several of your debts into the same account, so that you only have to make one single payment each month. What debt consolidators don´t tell you is that this process may not only make no impact on your total debt amount, but it could also prolong the term of your loan.

Is Consolidating Debt the Way to Go? American Chronicle, CA - 21 minutes ago … the debtor to discharge their debts by filing for payday loans in recent years, offering some contrast to the get-out-of-debt ads we´re bombarded with. …

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Read the rest here: Is Consolidating Debt the Way to Go? – American Chronicle