Free debt consolidation – yea right! The fact is, nothing in life
is free, which is exactly why you should be dubious of any
advertisements that claim to offer “free” debt consolidation.
most instances, you can get a free quote or else a first-time
counseling session. And in most instances, the first-time
counseling session is to lure you into the company’s agreement.
Debt consolidation is a procedure that can take years to hash
out. In most case, people with bad credit or current debt
problems often believe there is no way out.
They may go online
and find a source that will help reduce their debts, believing
that the amount of their debts is lower.
Since few companies will
lead many to believe this is true, it is important that you know
that the debt consolidation companies are only reducing your
rates of interest.
If you own a home and want to use the equity to refinance, you
may want to understand that a good number of the Home Equity
Loans will actually land you deeper in debt.
Once you are bound
to the contract, you will find the complications are more
frustrating than when you first applied for the loan.
I brought this up because many homeowners will refinance their
homes without looking into the details first, believing they are
consolidating their bills.
They may feel they are getting
something free, since the amount on the mortgage appears reduced.
However, if you take out a loan to consolidate your mortgage, you
are only stepping into another debt.
Be advised that some mortgage contracts stipulate that if you
refinance your home during the contract agreement, you may face
penalties, which may include paying off your first home, your
second home, and the interest rates included.
Therefore, if you
are considering debt consolidation, consider the entire picture
first-and don’t ever fall for the bogus claim that any debt
consolidation will actually be free.
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