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Debt Consolidation Loans – Helpful or Hurtful?
Debt Consolidation is often marketed to consumers as a way to roll all your debts up into a single account. In a way, this is accurate, but that sentence portrays debt consolidation as some kind of easy fix – it’s not. Debt consolidation is a new line of credit with a financial institution; usually a home equity loan (the funds backed by collateral, i.e. your house), a personal loan or a credit card. The idea is that you use the money from your new line of credit to pay off all the other debts you owe. At that point, you are left with one single monthly payment instead of multiple ones, making it easier to manage your finances.
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