Should You Consolidate Debts?

Don't! Until you compare the pros and cons of debt consolidation loans, service companies, and credit counseling.

You have two basic choices to consolidate debts. You can borrow money to payoff all your debts or you can do Debt Consolidation or Consumer Credit Counseling Service .

Deciding what will meet your needs will have a lot to do with whether you can qualify for low mortgage rates on debt consolidation loans, and the total amount of debt you need to consolidate.

Check out the Pros and Cons and compare before you decide which one is right for you.

Borrowing For Debt Consolidation

•  + Immediately eliminates multiple debt payments
•  + Debt collection actions eliminated
•  + Won't negatively impact credit rating
•  + May help improve credit rating
•  - Must qualify for loan or mortgage
•  - Risk of losing house if unable to maintain payments
•  - Doesn't eliminate debt, only restructures it
•  - Can create false sense of security
•  - Easier to get overextended again

Debt Consolidation Services & Consumer Credit Counseling

•  + Immediately decreases monthly payments
•  + Debt collection actions reduced
•  + Stops or eliminates some interest and fees
•  + Helps teach money management skills
•  - Unable to use credit under consolidation
•  - Must meet qualified unsecured debt minimums
•  - Only works with unsecured debt
•  - Some unsecured debts may not qualify
•  - Possible negative impact on credit rating

Making The Choice

One thing you won't hear us say is which option to consolidate debts is right for you. Your choice has to be based upon your own personal financial situation, as well as make a good fit with your own belief system and lifestyle.

Our mission is to provide you with as much information as possible about the different debt consolidation choices you have, the pros, the cons, and the steps each requires you to take.



Information On How To Consolidate Debt with home equity as security may be eligible for a tax deduction.

Debt consolidation can make it easier for you to pay off your bills.

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Comparing The Ways To Consolidate Debts offers a quick look at the pros and cons of Debt Consolidation Loans vs. Consumer Credit Counseling Debt Management and Debt Consolidation Programs.

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Consider your options for getting out of debt to relieve stress, improve your finances and your life now.

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