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Loans vs. Consolidation
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     When you hear the term consolidation you may not be sure what exactly this means.  Consolidation is the process of consolidating or putting together many different debs so you have just one debt and one payment.  You may hear the term debt consolidation loan, as this is how many banks and lenders market their debt consolidation services.

     While the debt consolidation is often marketed as a long, in essence it is often just a way to market second mortgages as well as refinancing products to consumers in need.  Consumers need to know that by taking out a second mortgage that they are only adding to their debt in the long run, and when you put your home up like this, you are also putting yourself at risk of losing your home if you cannot make your mortgage payments.  Many people find that they become so inundated with debt when they do this that even when they try to refinance that they cannot get approved or the terms of approval are unaffordable.

     Instead of just accepting any debt consolidation offer that comes your way, choose to work with a professional debt consolidation service.  These service will help you arrange lower payments suspend interest rates, and help you get back on track by lowering payments and consolidating all of your debt into one affordable debt.  These professionals will also create a very structured debt repayment plan that you can stick to, with the end result of ending up in a better financial situation.

     It's important to remember that whatever route you choose to go when consolidating your debt that you understand the terms of the agreement with a bank or consolidation service.  It's important to remember that most of these agreements are not loans, instead they are the process of lumping together all of your debts so they are more affordable to you.  The idea is to make paying off your debts possible, even on a budget. 











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