Debt Consolidation Loans: Are They Really As Good As They Claim?
There is a darker side to the debt consolidation loan programs. If you are already in debt and are barely able to manage your finances, you should think real hard before going in for a debt consolidation program. As a consumer you should know that these debt consolidation companies make lots of promises while offering to reduce and even clear your existing debts. They claim to reduce your interest rate and penalties. However not all of their promises hold true.
These loans might pull you in an illusion that they will act as your savior and that you can bank upon them when need be. But in fact, there have been cases when the situation has been worsened for the borrower with a longer repayment period and a higher interest rate. What the consolidation loan company claims is that it is giving you money to clear your account with your creditors. So choose wisely. The only thing that debt management and debt consolidation services can provide you with is a consultation to help you clear the dilemmas surrounding repaying your debts.
Therefore, if you are already neck deep in debt, you must remain...
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