You’re in deep with credit cards, student loan debt and car loans. Minimum monthly payments aren’t doing the trick to help nix your debt. Something has to change, and you’re considering debt consolidation because of the allure of one easy payment and the promise of lower interest rates.
The truth is debt consolidation loans and debt settlement companies don’t help you slay mammoth amounts of debt. In fact, you end up paying more and staying in debt longer because of so-called consolidation. Get the facts before you consolidate or work with a settlement company.
Here are the top things you need to know before you consolidate your debt:
Debt consolidation is a refinanced loan with extended repayment terms.
Extended repayment terms mean you’ll be in debt longer.
A lower interest rate isn’t always a guarantee when you consolidate.
Debt consolidation doesn’t mean debt elimination.
Debt consolidation is different from debt settlement. Both can scam you out of thousands of dollars.
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Gerald Buten, CA BRE #01437276 , a Broker Associate at Re/Max Real Estate Services, 20111 Stevens Creek BL #245 , Cupertino, CA 95014, direct phone 408.944.0144. I have over 10 years experience representing residential buyers and sellers in Santa Clara County, California. More information about my real estate practice, including my biography, is available on this site.
If you qualify for my Service For Veterans Program, I will assist you with your real estate transactions for free!
Gerald Buten-River Oaks Village, Rivermark, Santa Clara County Real Estate