Pros And Cons Of Debt Consolidation Loans

Feb. 4, 2012 - PRLog -- Should you consolidate your debts or not? For many people, debt consolidation is a great concept - for others, perhaps not.
It depends upon what kind of debts you're thinking of consolidating, how well you think you are able to resist temptation, what your credit rating is like... Tested and Proven, Quick and Easy Ways to Eliminate Credit Card Debt http://www.nonprofitcreditcardconsolidation.net/Credit-Card-Relief/

Pros of Debt Consolidation

Can include a lower APR
Can be repaid over a longer time period, resulting in lower monthly repayments
Simplifies your finances by replacing many debts with one:
Reducing your tension
Helping you steer clear of late / non-payment, which can affect your credit rating and lead to charges, greater interest rates, even legal problems.
You only have one creditor to cope with
Golden chance to cut up your credit cards and cancel any overdraft facilities

Cons of Debt Consolidation

Can increase total amount you repay if paid back more slowly
May not offer the flexibility of (e.g.) a credit card, which lets borrowers pay off as much / small as they wish (as long as they make a little minimal payment)
Requires self-discipline because it ‘frees up' credit cards, overdrafts as well as other credit - if you run up fresh debts, you'll be worse off than you had been when you consolidated your debts, as you will have to pay off your new debts as well as your consolidation loan. Tested and Proven, Quick and Easy Ways to Eliminate Credit Card Debt http://nonprofitcreditcardconsolidation.net/Credit-Card-R...

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Credit Card Consolidation Loan programs provide a mean of resolving the debt in a more affordable manner. Free Mortgage Calculator.