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Pros And Cons Of Debt Consolidation Revealed
Do you really need to consolidate your debts? Learn how you can do it yourself and save on fees and other costs. Read on now...
By: Douglas Montayne
Pros of Debt Consolidation Go here Now to Check Out Non Profit Credit Card Consolidation!
Can come with 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:
Decreasing your tension
Helping you avoid late / non-payment, which can affect your credit rating and lead to charges, higher interest rates, even legal issues.
You only have one creditor to deal 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
Might not offer the flexibility of (e.g.) a credit card, which lets borrowers pay off as much / little as they wish (as long as they make a small minimum payment)
Requires self-discipline because it ‘frees up' credit cards, overdrafts and other credit - if you run up fresh debts, you will be worse off than you had been when you consolidated your debts, as you'll have to pay off your new debts as well as your consolidation loan. Learn more at http://nonprofitcreditcardconsolidation.net/
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A non profit credit card consolidation company can give a person the ability to manage their financial future when that person seeks their assistance.