06:57 25 September 2013
Having many debts to repay on a monthly basis can be difficult to contend with, and this is why many people tend to take on a debt consolidation loan. This can be achieved by merging all of your smaller loans into a bigger one, in a bid to reduce your monthly interest payments so you can repay less than you would otherwise.
But having to deal with a larger loan instead of smaller ones is not something that many people can actually do, and repaying it depends on your current financial state and your goals for the future. So let's take a look at the major disadvantages involved in debt consolidation.
These are the hidden aspects of the debt consolidation plan, which some financial institutions may try to hide from you, so make sure you take all of these facts into account before applying for debt consolidation, and take care that there is absolutely no risk of you losing the house in the process.
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