photo credit: TheTruthAbout
Although I generally don’t recommend debt consolidation loans, I admit that there are times when such a loan can help. For example, if you have lost your job and the wolves are at the door, consolidating your debt can lower your payments and get you some room to breathe while you are getting back on your feet.
However, in my thinking, it is usually not your best decision. The allure of the programs to consolidate debt is that you can lump all your debts together and have a lower monthly payment. This may be true, but in most cases it is still a bad idea for the following reasons:
Looking for an easy way to consolidate loans? Try Lending Club’s program to consolidate debt
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