CONSOLIDATING DEBT

Should you consolidate debt? If you have a lot of loans and debt from many different sources, or you find yourself paying high interest rates on credit cards, you may want to consolidate debt by using a debt consolidation or debt management program. Debt consolidation can not only reduce the interest rate you're paying, but it can significantly reduce your monthly debt obligation and it can consolidate all of your monthly debt payments into one monthly payment. Debt consolidation is not for everyone, but it's worth investigating. Also, if you decide to consolidate your credit card debt, please make sure that you don't continue to spend on your credit cards, as many people fall into this trap. If you're not confident that you can stick to just your consolidation loan, you should either find a lower interest rate credit card, or cut up the credit cards you're consolidating.

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