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Does consolidating credit card debt mean

Your monthly payment on the first loan is 7, and the payment on the second is 3. You consult a company that promises to lower your payment to 0 per month and your interest rate to 9% by negotiating with your creditors and rolling the two loans together into one. Who wouldn’t want to pay 0 less per month in payments?

If that’s not bad enough, you’ll end up shelling out ,080 to pay off the new loan versus ,392 for the original loans—even with the lower interest rate of 9%.

Even if you qualify for a loan with low interest, there’s no guarantee the rate will stay low.

They look more at available credit and the amount of credit you have used (and of course if you make your payment on time).

Now if you are talking about getting a new loan and paying off your credit cards with the new loan then yes, it will hurt your credit score.

The truth is debt consolidation loans and debt settlement companies don’t help you slay mammoth amounts of debt.

In fact, you end up paying more and staying in debt longer because of so-called consolidation.

In other words, they haven’t established good money habits for staying out of debt and building wealth.

Their behavior hasn’t changed, so it’s extremely likely they will go right back into debt. The debt includes a two-year loan for ,000 at 12%, and a four-year loan for ,000 at 10%.

You don’t need debt rearrangement, you need debt reformation.

Most of the time, after someone consolidates their debt, the debt grows back. They don’t have a game plan to pay cash and spend less.

Minimum monthly payments aren’t doing the trick to help nix your debt.

Something has to change, and you’re considering debt consolidation because of the allure of one easy payment and the promise of lower interest rates.

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