These Debt Consolidation or Debt Continuation Companies don’t tell you what you should absolutely know to be debt free.
78% of people who consolidate their debts will fall again in debts after a short period of time, and will end up in the office of a debt consolidation service.
Why? Simply because you think that you will really be debt free after three or five years, but it is not the case. Let me explain… Those company, after giving you a very nice pitch (anyway, you did not have choice: bankruptcy, home equity – you can loose your home – , debt settlement company another kind of wolf -), promise you that you will pay a lower interest rate.
But what is the catch? Yes there is a catch. The catch is that you will stay longer in debt if you want lower interest rates.
It is not the only reason why I call them Debt Continuation Services. Another reason is: While people are trying to consolidate their debts, they still need to live, and they drag out the credit card for their everyday life. Yes, bills are not stopping while you are trying to get out of debt, it is going on. And those services know that you will come back, this is...
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