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Debt consolidation is nothing more than a con because you think you're starting with a clean slate.But the truth is the debt is still there, as are the habits that caused it—you just moved it!They also probably haven’t saved for all of the “unexpected events,” which will eventually become debt too.In other words, the good money habits for staying out of debt and building wealth aren’t there—their behavior hasn’t changed—so it’s extremely likely they will go right back into debt.Making more than the minimum payment can help pay off the loan faster.Some debt consolidation options offer low introductory rates to encourage customers to transfer high-rate balances, but these rates can skyrocket after the introductory period ends. Debt consolidation loans may also require that you pay your debt off over a specified amount of time.You can then repay all of your debts with one monthly payment.A debt consolidation loan can simplify your monthly payments into just one payment and may possibly result in lower monthly payment.

A debt consolidation loan with a longer repayment period may lower your monthly payment, but increase the total amount you repay over the life of the loan.Debt consolidation often works best for those with credit card debt, which generally comes with higher interest rates.If you own a home or other valued property that you can use as collateral, lenders will be more likely to offer you lower payments and interest rates.Debt consolidation is one way to make paying off your debt more manageable.Instead of paying several minimum monthly payments on a number of bills, this repayment strategy involves getting a new loan to combine and cover your other loans or debts.

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