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When do you avoid debt consolidation?
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[QUOTE="Mika, post: 276325, member: 29399"] Debt consolidation is refinancing your loan. You get a loan so that you can pay your all loans to have just one loan. There are two purposes of debt consolidation, one, you have just one debt instead of multiple debts, which makes you easier to repay your debt, and two, you get a lower interest loan so that you can pay your higher interest loan. However there are situations when you should strictly avoid debt consolidation. For example, if your new loan has higher interest rate compared to your existing loan. For example if you are paying 7 percent interest on average for you 5 diggers loans and when you get debt consolidation loan at the interest rate of 8 percent, you should avoid debt consolidation at any cost. Secondly, you also need to check repayment term If the loan repayment installment is higher than you can afford, you also should avoid debt consolidation. [/QUOTE]
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When do you avoid debt consolidation?
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