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Will Debt Consolidation Help Or Hurt?

A man cutting up credit cards © Stella, fStop, Getty Images It's certainly what most people think of when they think of consolidation. But finding a loan with decent terms for this purpose can sometimes be challenging especially if your credit scores are a bit lower due to the balances you are carrying. Student loan consolidation rates It's certainly not impossible, though. Peer-to-peer lenders like and, for example, routinely make these kinds of loans to borrowers with good credit. Your bank or credit union may also be willing to help you consolidate, and there are some online lenders that offer consolidation loans.
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Credit card debt consolidation

Conversely, consumers should be sure to be aware of the disadvantages, which Walker lists as: It makes it easier to get further into debt. With a lower payment and no more pressure from creditors, many consumers continue using credit cards and fail to change the spending habits that got them into trouble in the first place. It costs more in the long run. Most consumers end up paying for the debt over 10 to 30 years, spending much more than they would have had they kept each individual loan. "We think the best idea is for consumers to better manage their finances and cease all use of credit cards immediately, until out of the dark financially," Walker says.
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