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A consolidation loan will take at least 5-years to complete paying off.
So if you’re struggling right now, would it make sense to lock yourself into a 5 year plan when there are shorter term options?
This page explains debt consolidation loans in 2017.
At the end of this post, you can try the free debt calculator tool to see all of your debt relief options in one image. Debt consolidation doesn’t hurt your credit;– but it doesn’t help you either.
The real solution to pay off your debt is to lower your overall debt.
In debt consolidation, it could take you anywhere from 5-7 years to become debt free, whereas other options can have you out of debt in 3-years or less.
With debt consolidation loans whether you have good or bad credit, the borrower will always pay back the full amount owed, plus interest.
This high cost associated with a debt consolidation loan is one of the downsides to debt consolidation.
Your best bet is to go with an alternative lender, especially if your credit is already less than great.
Potential financial hardships to consider…So a consolidation will only help you if it allows you to save money and have reserves for an emergency, whereas other debt relief options available in 2017 will allow you to save money while taking care of your debts.
So if an unforeseen circumstance happens, you will be more suited to handle it.* Put the average interest rate that you are paying or that you were paying on your accounts.
When trying to deal with debt, consolidating your credit cards and low-interest loans can help you save a lot of time and money.
Debt consolidation is a great way to get out of debt and more often than not it can help save you from financial ruin. And how do I go about consolidating my debt so that it won’t negatively affect my credit rating?