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We have all seen the ads about debt consolidation, but what is debt consolidation exactly? Ultimately debt consolidation is taking several loans or liabilities and combining them into one loan. Debt consolidation involves a individual taking out a new loan to pay off all their debts. Some Financial Providers even offer debt consolidation for blacklisted people. Most people who consolidate their debt usually do it to attain a lower interest rate, [link widoczny dla zalogowanych] or the simplicity of a single loan. Lets take a further look at the advantages and the disadvantages of taking out such a loan.
The Advantages:
You could save a lot of money because the interest rate and [link widoczny dla zalogowanych] monthly fees are lower than many credit cards and store cards.
It gives you a set repayment amount to help you get on [link widoczny dla zalogowanych] top of your debt. Many credit cards and loans only require a small repayment each month, which will take much longer to repay and cost you more interest in the long term.
You have just one single repayment to worry about, saving you time and hassles.
It could put an end to late payment fees.
Choose a fixed interest rate and know the exact repayment amount you need to pay each month or a variable rate and make extra repayments without a fee.
It could help improve your credit rating.
The Disadvantages:
When you consolidate your debt it comes with its own set of [link widoczny dla zalogowanych] disadvantages. One of the disadvantages is that your credit rating initially takes a hit when you initially [link widoczny dla zalogowanych] consolidate your debt, because it is [link widoczny dla zalogowanych] taking out another loan, and essentially zeroing out any progress the person has made on paying off their other owing debts.
Another downfall is that consolidation loans might [link widoczny dla zalogowanych] not offer interest rate advantages over [link widoczny dla zalogowanych] individual loans, because individuals who have been paying off their loans for a long time can often renegotiate their terms with their credit provider, and these might be lower than the interest rate offered by the service provider that's going to consolidate your debt.
Still another is that the debt refinancing plan can [link widoczny dla zalogowanych] fail if the person if the person doesn't make a change to their spending habits instead of saving more money. Debt consolidation is a drastic step to take, a fact some people don't seem to understand. Some see their credit card [link widoczny dla zalogowanych] balance or their loan read "R0" and takes it as carte blanche to keep right on spending and spending. In this situation, the new loan can be damaging, halting problems temporarily but [link widoczny dla zalogowanych] doing nothing to remedy the underlying situation.
If the person who took out the debt consolidation loan should then be unable to repay it---for example, they need the money due to a family emergency---they would find themselves in more trouble than they were at the start.
In the end, debt consolidation can be a good option, but it's definitely not something you should be rushing into. If you use the above to guide you in researching whether debt consolidation is right for you, you'll be prepared to make the right decision.
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