Why Debt Consolidation Is Not a Fix All Solution
As great as debt consolidation is, it is not a fix all solution. This is an answer where all of a sudden your debt is gone and you are free. Instead, debt consolidation loans are just that-loans. You use them to pay off all of your old bills, and then you start working on paying off this new source of financing and focus on making that payment on time each month. The advantages of doing this are that it gives you a clear path out of debt, it gives you one payment to make each month, and if you’re lucky, it gives you a lower interest rate that will help you pay things off faster and save you money. You’re still going to be paying this off though, and it’s important to understand that you still need to make those payments. It does not make your debt magically go away.
