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It’s typically considered for people who have high consumer debt.

But most of the time, after someone consolidates their debt, the debt grows back. They still don’t have a game plan to pay cash and spend less.

Consolidation was previously available to borrowers while they were still in school. Congress also eliminated joint consolidation for spouses, effective July 1, 2006.

Myth: Debt consolidation saves interest, and there’s one smaller payment.

Truth: Debt consolidation is dangerous because it only treats the symptom.

Let’s say you have ,000 in unsecured debt, including a two-year loan for ,000 at 12%, and a four-year loan for ,000 at 10%.

Your monthly payment on the first loan is 7, and the payment on the second one is 3. The debt consolidation company says they can lower your payment to 0 per month and your interest rate to 9% by negotiating with your creditors and rolling the loans together into one. Who wouldn’t want to pay 0 less per month in payments?

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