Debt consolidation seems like a no-brainer. You replace high-interest credit card debt–issued by companies that can seemingly change the rate and terms of your loan at will–with a better loan. The new loan lets you lower the payment by stretching the balance over a longer term, the rate is often much lower, the interest may be tax-deductable, and the terms you sign up for are the terms you get. A fixed rate stays fixed, an adjustable rate changes according to the rules. No bait. No switch. So, what’s not to like? Continue reading ‘When You Should Avoid Debt Consolidation’
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