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To use any form of debt consolidation as a stepping stone to improve your finances, you must follow a spending plan to keep your spending under control so that you don't re-grow the debt you're currently paying off.

The downside to debt consolidation is that it can fool you and promote unhealthy financial habits.

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Each loan has its own interest rate and repayment terms.

Each one is essentially a contract where you borrow money and then agree to pay it back over a period of time with set payments.

Instead of realizing they’ve been overspending and create a plan to get back on track, they make their financial situation worse by continuing to spend more than they make.

In the long run, the consolidation loan only puts them in a worse financial position because they run up new credit card and/or line of credit balances that they have to pay every month in addition to their loan payment.

More and more people are asking a very important question. Popular personal finance talk show host Dave Ramsey once shared the results of an American bank's study into their clients who received debt consolidation loans.

The bank found that 78% of people who received a debt consolidation loan where not financially better off once they had repaid their loan. The lesson here is that a consolidation loan has to be used properly if it's going to benefit you.Banks and credit unions are able to offer low interest rate loans.If you apply for a loan anywhere else, you’re likely looking at a much higher rate because these lenders are technically dealing with higher risk.Most often this is real estate or a newer vehicle (they’re not interested in big screen TVs, household appliances, tools, equipment, or collector items).If you have a high credit score, you may be able to qualify for an unsecured loan (no collateral required) from a bank or credit union and you’ll probably get a decent interest rate.In doing this they effectively bring all these debts together into one combined loan with one monthly payment.

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