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When do you avoid debt consolidation?
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[QUOTE="Ayuba Ernest, post: 254762, member: 70169"] Debt consolidation can be a helpful tool for getting your finances back on track. But there are also times when it may not be the best option for you. Here are four situations when you should avoid consolidating your debt: 1. When you have a good credit score If you have a good credit score, you may be able to qualify for a 0% interest rate credit card. This can help you save money on interest and get your debt paid off faster. 2. When you can afford to make higher payments If you can afford to make higher payments, you may be able to pay off your debt faster without consolidating. 3. When you have a low interest rate If you have a low interest rate, consolidating your debt may not save you as much money in interest. 4. When you have a limited income If you have a limited income, consolidating your debt may make it difficult for you to make your monthly payments. [/QUOTE]
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When do you avoid debt consolidation?
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