Benefits and Pitfalls of Debt Consolidation Loans

IN THIS LESSON

  • Benefits:
    • Reduce the number of payments you make. 
    • Lower interest rates.
    • It can improve your credit score.
    • Pay it off faster. 
    • Less stress.
  • Pitfalls:
    • Possible upfront costs.
    • You may pay more in interest. 
    • You may feel enticed to put more debt on your zero balance credit cards. 
    • Debt consolidation loans will not solve the underlying financial habits that got you into debt in the first place.

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