Debt Consolidation vs Loans
In reality, some of these debt consolidation loans end up as interest second mortgages on homes, or exorbitant home refinancing. Second mortgages on your home only increase the amount of money owed in the long run. By putting all of your debt on the most precious asset you have, you run the risk of losing your home for the sake of credit card or other debt. You may even be overextended to the point where you might not qualify for a mortgage. And if you do, the terms will not be favorable.
While individuals may approach their creditors to try and arrange lower payments, suspension of interest, and other ways in which to help relieve their debt load without declaring bankruptcy, a consumer is best served by using a good debt consolidation service. Debt consolidation experts are trained professionals with years of experience, in negotiating a debt consolidation into one low monthly payment, which in the end will benefit both you and the creditors. Companies or businesses that are owed money, would naturally like to see it paid. They are generally more receptive to the approach of a professional debt consolidation counselor with a well thought-out debt consolidation plan, than the individual debtor who may not have considered all the angles.
Whether you choose debt consolidation on your own, or though a counseling agency, be sure to carefully read the terms of the debt consolidation agreement which is drawn up between you and your unsecured creditors. Remember, this is NOT a debt consolidation loan. It is simply a consolidation of all debts into one monthly payment, which is more manageable with your budget.
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