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Debt consolidation loan consequences

By admin • Oct 6th, 2008 • Category: Debt Consolidation

Worried about your debt? Where can I look for advice on debt consolidation? What are the loan consequences? Will I lose my house? There are many consequences. In particular, do not swap unsecured loans to secured loans – as the loan will now be secured on your property (in most cases), and now you are exposing yourself to the risk of having your property re-possessed.

Another consequence with credit cards – often you get a loan to pay off credit card bills (these can have very high interest rates). Getting a loan can indeed reduce your monthly outgoings BUT and the big BUT make sure you destroy your credit cards! That way you cannot be tempted to use them again. There would be nothing worse than having to pay off the loan and an increasing monthly credit card bill.

There are more tips in this video on debt consolidation and the consequences ….