Debt Consolidation Should Be A Last Resort

Paying Off Loans

You should use as a last resort debt consolidation to refinance credit card and personal loan debts together with your home loan, if you have one. The reason why this should be an option of last resort is because before you do this you MUST make sure that you put in place personal financial planning procedures to stop the debt accumulating again. Otherwise all you will be doing is getting yourself into more debt and still having to pay off a larger home loan and all of the extra interest that you will be charged over the life of that loan.

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