consolidation loans may be considered as the best answer for all your
prayers. They may be a boon in repayment of your house loan or car loans.
However, they may lead you in an entire different debt trap that you
may escape or not.
Never get into anyones empty promise of making you debt free.
Sure, you may clear the present debts, but ultimately end up in a bigger
debt than anticipated.
As prevention is better than cure, you need to take care and avoid certain
things while going for debt consolidation loans.The usual trend is those
who take these loans may already be in deep trouble and looking for
some present solution. So such people will be deceived with false promises
of taking care of their debt problem and the present debt will be paid
off to their satisfaction. But, ultimately they may be facing entirely
a new debt and the repayment of the new loan.
Most companies promises to take care of your debt by offering debt consolidation
services, when they know you are paranoid in repayment of loans. So,
you may feel it is the right step to get rid of all your worries and
easy to clear your debts. However, the most important point to remember
is, never opt for a new loan that has higher interest rate than the
present one, as this may lead to fresh trouble.
The loan installments may be for a longer period with regular payment
for a lower amount or even on a monthly basis. Theoretically, it may
look brilliant and comfortable, but in the longer run, you may pay more
due to high interest rate as wellThe best way is to manage your loans
on your own. Some companies offer to take care of your loans by offering
packages to ease your burden and reduce financial worries.
Before taking up these services, the basic thing to understand is ,
once you allow them to work for you , you will end up paying them some
extra 10-15% for every payment of yours.The real and true answer lies
in carefully selecting the person with whom you have trust, as this
is long-term procedure. Finally, debt consolidation loans will increase
your debts more than what you owe.
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