Debt Consolidation Defined
What is debt consolidation? Let's examine the individual words: that make up "debt consolidation":
Debt: An obligation or to pay or render something to someone else
Debt consolidation: The act or process of uniting
Together, in so many words, the phrase 'debt consolidation' means rolling all of your unsecured debt (debt with no collateral) into one new payment.
There are two major options to consider before you take out a debt consolidation loan:
The use of management/negotiation/credit counseling services
Taking out a debt consolidation loan from the bank
Free debt consolidation? It depends on how you look at things. There is no absolutely free way to consolidate your debts, but you can take out a loan on your own, eliminating any fees of a company operating on your behalf.
Debt Consolidation: How Did We Get Here?
Credit card debt is probably the most common way to drop into debt. Credit cards can carry much larger interest rates than even an unsecured loan from a bank. It's true. And you can learn more secrets about debt management through informational resources like our site and by activating the links our debt elimination site.
In reality, many people are in credit card debt because they spend more than they earn. Unless living above your means is curtailed, consolidation will not be of any lasting benefit. In fact, once your lower debt consolidation payment kicks in, you might be tempted to take on even more debt! Don't do it! You'll most definitely regret it later. Take care of your financial problems by applying for debt consolidation loans.
Where Have All the Rich Uncles Gone?
There is no substitute for self-discipline, except maybe a rich uncle. But they're all gone--they're tapped and seeking debt counseling for themselves! Some are even seeking Christian debt consolidation, which is precisely the same thing as debt consolidation, except it provides spiritual guidance as well. These uncles are praying that their nieces and nephews don't hate them now that they've drained them financially.
Says loan advisor Earl Padowitz: "Credit card debt consolidation is the future. Invest your faith and money in online debt consolidation."
But, you do not have to take our word for it. All of the information that you need to know about debt consolidation is accessible to you. You have the power to choose the path that you wish to take and not the one that someone insists that you take. Exercise your power and your rights through debt consolidation services.
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