Trouble with consolidating resources

Some people then proceed to fill up their credit cards again, now they have double the debt they started with, and they are paying up to 22% on their consolidation loan because they weren't paying attention to the APR when they signed up.

Some consolidation lenders are unscrupulous and make it appear they are eliminating your debt, when you are really taking on more debt. Don't let the lender trick you into thinking that lower monthly payments mean less interest.

Sometimes the interest rate can be higher than the total APR on your current debt.

This type of plan usually works best on credit cards, gas cards, and other types of credit.

Also, at the end of the year, you are usually allowed to write-off the interest you paid, effectively making your APR even lower.

Most equity loans are 15 year notes, so try to send in extra principal every month to accelerate that payoff time.

Notice that no one is lending you money, they are just restructuring your debt, which is safer.

Don't confuse these companies with lending institutions, or banks, they are not lenders.

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