Today we thought we would take a look at something many people in financial problems consider – a debt consolidation loan. The premise sounds nice, even sexy. You go to a bank, get a loan to pay off all of your debt, and the interest rate on the loan is lower than your average interest rate on all of your debt which saves you money.
Debt Consolidation Benefits

One monthly payment instead of many reduces the complexity of your financial life as you only have to track …

The TV commercials and magazines for credit card consolidation are borderline mesmerizing.
* “Debt relief is just a phone call away!”
* “Stop paying your debts today!”
* “Erase your high interest rate! Call now”
Every year, millions are lured in with high hopes. And it’s easy to understand why.
With so many individuals now carrying high credit card balances, never before has the prospect of credit card consolidation appeared more appealing. Yet, despite the glorified status lenders have bestowed up them, credit card consolidations can quickly turn a financial problem into …