For most people, debt consolidation is only a temporary fix. Making the decision to place all of their payments into one can be very helpful and save money every month if you are disciplined enough to prevent yourself from getting even further into debt. You see, it is your behavior that needs to change before any real solution can be established. Building your house on mud only makes things more complicated once you start to sink again.
An eventual deeper hole
The majority of people who refinance their home, consolidate their debts or place everything
on a signature loan eventually find themselves to be in more debt just one or two years afterwards.
Their thoughts regarding debt have not changed. They still only look at the payment.
Honestly…..
Only if you have proven that you can truly change your behavior towards spending, budgeting and managing credit well, should you even consider consolidating. Fortunately, most people can get themselves out of debt in just a few short years by using the Accelerated Debt Payoff Calculator without ever having to consolidate any debts.