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Here are the top things you need to know before you consolidate your debt: But here’s the deal: debt consolidation promises one thing but delivers another.
Fraudulent debt settlement companies often tell customers to stop making payments on their debts and instead pay the company.
If that’s not bad enough, you’ll end up shelling out ,080 to pay off the new loan versus ,392 for the original loans—even with the lower interest rate of 9%.
This means your "lower payment" has cost ,688 more.
Something has to change, and you’re considering debt consolidation because of the allure of one easy payment and the promise of lower interest rates.
The truth is debt consolidation loans and debt settlement companies don’t help you slay mammoth amounts of debt.
You don’t need to consolidate your bills—you need to delete them.