If you have many different debts with different interest rates, payoff schedules, and balances, it may sound like a good idea to sign up for debt consolidation. Debt consolidation can seem appealing with the promise of a significantly lower monthly payment and a reduced interest rate.
For some people, debt consolidation may be a reasonable solution. For others, they will be making the debt consolidation company rich.
The truth is, debt consolidation salesmen will tell you whatever you want to hear to get your business. Don’t fall for any of the gimmicks or false promises. Before you sign on the dotted line, learn the truth about debt consolidation to find out if this strategy is right for your situation.[Read more…] about Debt Consolidation 101: Everything You Need to Know