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If you have bad money habits that you’re not addressing or issues maintaining a healthy budget, debt consolidation will only delay your financial problems.Instead, focus on the issues that lead you to consider a consolidation – once you’ve addressed those, then consolidation might be the right tool for you.Debt consolidation exists because it’s beneficial to lenders.Debt consolidation is popular because it’s often beneficial to consumers.
This usually makes sense financially, because those loan rates are almost always going to be significantly lower than credit card rates.The key is to look long and hard at your finances before including your unsecured debt in a refinance or home equity loan and make sure you’re prepared for a worst case scenario. When you consolidate your debts, the old accounts are closed and replaced by one new account.So simply keep that in mind before proceeding with a consolidation.There are several options for making that happen -- a debt consolidation loan, a personal loan, a balance transfer on a credit card, a home equity loan or borrowing money from friends or family.Which one makes sense for you will depend on the type of debt you have, how you ended up in debt, your credit score and your financial goals.
If you’ve got a good score and can manage your individual accounts well enough at the moment, consolidation might not be in your best interests.