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Disadvantages Of Debt Consolidation
The debt consolidation has its own illusions in the minds of people that it relieves you of all the debts and makes you relaxed. But, the hard truth lies behind the doors. It is a long-run process in the first place. The debt consolidation agencies will also charge a handsome fee to consolidate your debts. You may have the illusion in the mind that you are free of all the debts. But, it’s not true. You may get whole new problems to deal with. Let’s explore to find them.
What Is Meant By A Debt Consolidation?
Imagine you are all but drubbed with the huge debt cycle consisting of multiple loans. In that situation, you may search for the options to clear off your debts and find a ray of hope in debt consolidation. With consolidation, you will find a single loan to clear off all your small loans so that you have to pay a single loan instead of multiple small loans. Don’t mistake it by the meaning of debt settlement. Debt consolidation makes your entire debt cleared, unlike debt settlement in which you pay the amount lesser than the actual debt to the lender.So, you might be thinking that it’s a good way to opt. Let’s not make a mistake, it has its own negative consequences.
Disadvantages of Debt Consolidation
Let us tell you, debt consolidation doesn’t provide debt relief. Thus, you are not doing any good with the amount of debt. Just that the payment is one-sided now, you may feel that pressure is relieved from all sides and you may be free. But there are other problems to deal with. Some of them are
It’s a long-run process of clearing the debts with the debt consolidation as it may extend up to 10 to 15 years or even more. Thus, it may get expensive gradually.
Fees and interest rates are very high if your credit score is not up to the mark. People with good credit may save from the load. And also, the interest rates may increase significantly.
You may have the illusion that your debts cleared off and you are set free. But remember, you have to pay the same amount as your debt. The debt will only get worse thereon.
Thus, debt consolidation has its own ghosts and it will only keep you reeling in the near future.
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