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Home > Debt Articles > Is Consolidating Debt the Way to Go? – American Chronicle

Is Consolidating Debt the Way to Go? – American Chronicle

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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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Lynn

    Do not want email used just to spam me plz – How does one choose the correct debt consolidation consultant. I want to pay my debts, yet with being unemployed trying to pay the individual credit card companies with all my other monthly living expenses is becoming harder and harder each month. It has been 10 months now, I have managed to juggle them, yet the frustration of being able to register my vehicle, pay my utility bills is getting too much to handle. I don’t want to pay a consultant fee only to find out my debt is still compounding with interest until they are paid first… any suggestions?

    • http://GetOutOfDebt.org Steve Rhode

      You need to go bankrupt. Any repayment plan based on unemployment benefits is doomed to fail since there is no expectation you will be able to find a job to continue payments.

      Steve

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