Consolidating your bills good idea

29-Nov-2016 13:00 by 4 Comments

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However, you must be cautious when dealing with debt consolidation companies.

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But most of the time, after someone consolidates their debt, the debt grows back. They still don’t have a game plan to pay cash and spend less.That can lead to a domino effect where you miss payments, your interest rates get raised, and then you can’t stay above water.A consolidation loan can sometimes lower your monthly payment, and that can give you enough breathing room to get back on track.Let’s say you have ,000 in unsecured debt, including a two-year loan for ,000 at 12%, and a four-year loan for ,000 at 10%.Your monthly payment on the first loan is 7, and the payment on the second one is 3. The debt consolidation company says they can lower your payment to 0 per month and your interest rate to 9% by negotiating with your creditors and rolling the loans together into one. Who wouldn’t want to pay 0 less per month in payments?So if you stay in debt longer, you get a lower payment, but then you pay the lender more.

Even worse, in some cases the interest rate is actually higher, meaning that you’re paying even more in the long term.Myth: Debt consolidation saves interest, and there’s one smaller payment.Truth: Debt consolidation is dangerous because it only treats the symptom.As you would expect, they allow you to pay off all your debts by taking one loan from them, so that you will no longer owe any money to your previous creditors.Instead, you will owe the debt consolidation company an amount equal to the total sum of all your debts.Which is why a consolidation loan can often prove to be a better option: it may allow you to get a lower interest rate, which would save you money over the long-run.

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