Debt Consolidation What Not to Do
One of the huge things to look for when you are in trouble are ways out that you can control what you pay and how much you can pay on them. Credit companies do not care if you owe other people money they just want their money and most importantly their interest. Pretty much the same goes for the big consolidation companies they will get it all into one easy payment but you will also be paying them between 10 and 15% of that sum each month!
Don’t get a straight forward hard cash loan. FOR THE LOVE OF GOD DON’T DO IT! You think it is going to take you a long time to get out of debt now if you take out one of these loans chances are you have been in debt for a little while and this gives the credit companies a chance to take advantage of you! They will probably charge you close to 21% on top of what they lend you! Imagine being in debt longer than you need to!
Get another credit card. No. Seriously No. You don’t need another credit card. I know the nice thick envelope that the postal service dropped off this morning has promises of wonderful holidays and shopping spree’s with your new found financial freedom, BUT BUT BUT if you get another credit card you will more than likely take them up on their offer of a interest free transfer and then in a few months time you are looking to switch cards AGAIN because the interest rate is huge! This will eventually show up on your credit report and you will regret this long term.
All in all the last thing you want to do when you are in debt it borrow more money to try and get out of it. However if you must do this then there are a great many ways that you can raise funds without having to pay thousands in interest.
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