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If you’ve got a really unmanageable amount of credit card debt,
you might be considering a consolidation loan. A consolidation
loan is a loan that you can use to pay off all your debts,
meaning that you can pay them off for less money without having
to worry about lots of different bills. Like anything, though,
consolidation loans have their advantages and their
disadvantages, and it pays to take a careful look at what they
offer before you commit yourself.
The Interest Rate.
You should always shop around to get the best interest rate you
can if you opt for debt consolidation. This interest rate is
almost as important as the one on your mortgage, but much harder
to change after you’ve signed on the dotted line. Don’t be
fooled by any offers that give you a good rate for a limited
time – you’re going to have this loan for quite a while.
That said, the chances are that any interest rate you’re offered
on a debt consolidation loan will be significantly lower than
the interest rates you’re currently paying on credit cards. If
you have lots of cards at a high rate and you’ve had no luck
transferring the balances, then debt consolidation could be a
very good idea.
The Length of the Loan.
The most dangerous thing about debt consolidation loans is that
the ones with lower payments generally last a very long time –
you could be paying it off for twenty years, or even longer. You
should try to find a loan that doesn’t last as long, and asks
for payments that are as much as you can afford. If you look at
what your payments would be and think ‘oh, how cheap!’, the
chances are you’d be signing up to them for a long time to
come.
Look Out for More Cards.
One of the most dangerous things about getting a debt
consolidation loan is that, since your credit cards have all
been paid off, it can be tempting to accept the next few offers
you get for new ones. After all, now you’re saving all this
money, you can afford a few more cards, can’t you? Don’t fall
into this trap! Consolidating your debt and then running up more
is an extremely bad idea.
You Could Lose Your Home.
Of course, this is the absolute number one most dangerous thing
about debt consolidation. Almost without exception, the loan
will be secured on your home. That means that if you start
missing payments, the finance company will kick you out, take
(‘repossess’) your house, sell it, and pay back the debt with
that money.
There’s a whole industry around property developers buying
repossessed houses and selling them on for a profit. The chances
are that you’ll come out of it with nowhere near enough money
left to buy even the smallest home, and nowhere to live. Just
imagine that. If you do take a debt consolidation loan, you need
to read the small print as if your life depended on it (it
does), and then be very, very careful. Good luck.
About the author:
Ken Austin is the webmaster at Debt Consolidation
Information and Credit Card Debt Relief