consolidate debts - Should You Consolidate Debts?

Should You Consolidate Debts?

Don't! Until you compare the pros and cons of debt consolidation loans, service companies, and credit counseling.

You have two basic choices to consolidate debts. You can borrow money to payoff all your debts or you can use a Debt Consolidation Service or Consumer Credit Counseling Service.

Deciding what will meet your needs will have a lot to do with whether you can qualify for low mortgage rates on debt consolidation loans, and the total amount of debt you need to consolidate.

Check out the Pros and Cons and compare before you decide which one is right for you.

Borrowing For Debt Consolidation

+ Immediately eliminates multiple debt payments
+ Debt collection actions eliminated
+ Won't negatively impact credit rating
+ May help improve credit rating
- Must qualify for loan or mortgage
- Risk of losing house if unable to maintain payments
- Doesn't eliminate debt, only restructures it
- Can create false sense of security
- Easier to get overextended again
Debt Consolidation Services & Consumer Credit Counseling

+ Immediately decreases monthly payments
+ Debt collection actions reduced
+ Stops or eliminates some interest and fees
+ Helps teach money management skills
- Unable to use credit under consolidation
- Must meet qualified unsecured debt minimums
- Only works with unsecured debt
- Some unsecured debts may not qualify
- Possible negative impact on credit rating

Making The Choice One thing you won't hear us say is which option to consolidate debts is right for you. Your choice has to be based upon your own personal financial situation, as well as make a good fit with your own belief system and lifestyle.

Our mission is to provide you with as much information as possible about the different debt consolidation choices you have, the pros, the cons, and the steps each requires you to take. If you still aren't sure, click here to answer a few questions and you will get a free, no obligation, customized Debt Relief recommendation to help in your decision to consolidate your debt and lower your monthly payments.

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