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Debt Consolidation - Use caution with this option

Debt consolidation is the solution people automatically tend to think of when facing problem levels of personal debt. At first glance, it makes sense to lump several smaller, high interest-rate accounts into one monthly payment at a lower interest rate.

Let's say you owe $25,000 on five different credit card accounts. The average rate of interest is 25%, and you're paying $525 in minimum payments every month. At that rate, it will take around 20 years to retire the debt, and you'll have paid back more than $120,000! So why not consolidate debt by borrowing $25,000 from a lender at a much lower rate of interest, say, 12%? Then it will take less than six years to retire the debt and you'll only have paid back around $34,000.

It sounds great in theory, but there's one huge problem: Who will lend you the money at that low rate of interest? The odds are greatly against your being able to borrow enough to satisfy the balances on the smaller accounts unless you borrow against your house. This is a very risky strategy. It's quite popular, of course, but that doesn't make it safe. Why? Because you'll have traded unsecured debts (which are backed only by your signature and not tied to your home or property) for secured debts (which are usually backed by your home). That means if you run into trouble again and have difficulty making the payments on the new loan, you could lose your house to foreclosure!

It's almost always a bad idea to pay off unsecured debts (like credit cards or medical bills) by borrowing against your house.

Remember, you got into trouble in the first place by borrowing money, right? You cannot borrow your way out of a debt problem without creating another debt problem!

While debt consolidation is the process of combining a number of debts into one major debt payment. The advantage of doing this is to save money on interest payments. Instead of paying off a number of different interest payments every month, you will only pay one central interest payment. Normally this means that the interest payments are lower and your debts can be paid off sooner.

Sounds good, right?

What we offer at Liberty Financial goes one step better. The problem with debt consolidation is that it doesn't remove the debt, it just moves it to a different location. Depending on the number and amount of debts owed, a consolidation loan can be quite expensive, meaning you won't be able to fully pay off the loan for years to come.

In the meantime, you will be accruing more debts. It's not as though your payments for life's necessities will come to a standstill. You will still be building up debt via new credit card bills and perhaps new car payments or mortgage payments--in addition to the amount you will owe for the consolidation loan. As you can see, this isn't the most effective alternative.


Not everyone will qualify for a debt consolidation loan. Our service is built for people in dire economic circumstances--$10,000 in debt or more. People in this situation might be turned down for consolidation. Instead, try our service--we can reduce debt significantly. After that, you can try a debt consolidation loan with a much lower debt level.


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