Next Learn The Dangers Of Debt Consolidation |
An estimated 70% of Americans that take out home
equity loans to consolidate debt end up with the same if not higher
debt load within two years.
Think about that number for a moment of 70%. That means that most
people who consolidate their debt end up worse off in two years
because their attitude has not changed.
If you do participate in a Debt Consolidation Program
then be smart about it. Use the savings of a lower interest rate
to save and pay off your debt.
A scary statistic is that many households are less than two paychecks
away from being flat broke.
People take out a second mortgage and then use the money for things
such as:
Vacations
Clothes
New Cars
Eating Out
Remember you risk losing your house if you side
into debt further. So be
careful with your money and realize that now is the time to save
versus now is the time to spend.
Next
Steps In Debt Consolidation
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