subject: Debt Elimination Pros and Cons - Helping you Make your Decision Faster! [print this page] Debt Elimination Pros and Cons - Helping you Make your Decision Faster!
Are you considering a debt consolidation loan or program? Do you want to take care of your debt, but youdon't know how? It is time to get your debts under control before you have less options to work with. You need some debt consolidation pros and cons to help you make your decision.
Debt consolidation Pro #1
You should be able to get a smaller payment than all your payments combined, which can be very easy to manage. By using a debt program you will be able to get rid of of interest, late fees, and other charges that you are paying. Plus most debt options will get you a payment you can manage. You have a sum you can afford to pay and the best part is most of the debt consolidation programs will take care of everything for you and you just make one payment.
Debt Consolidation Con #1
It will not be easy to go through the debt consolidation process. You have to have discipline and know that there is a light at the end of the tunnel. You may have to go without that new car or those shopping sprees that got you in this situation to begin with. This is part of the process and it is necessary for you to get to where you want to go financially so that your life and your families life can be better.
Debt Consolidation Pro #2
When you consolidate debts you will enjoy better credit. Credit does not get better over night, but if you are to consolidate your credit cards and your other loans, then your credit will get better over time. Once you have completed your consolidation program you will have better credit and that is a great accomplishment. With a higher credit score you can get better financing, better jobs, and have less worries when something arises that requires a credit check.
Debt Consolidation Con #2
You will need to cut up your credit cards. The biggest mistake people make when they consolidate debts is to payoff credit cards and turn around and use them again. This just shows how irresponsible you really are with your credit. Once the credit card debt is eliminated they need to be done with, have the account closed, and you need to move past using them. You can keep one card with a small limit for travel, emergencies, and other things that require a credit card or you can get a prepaid card so that you do not have to worry anymore.
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