When you decide to consolidate your debt, the obvious first question is how? and thats a question that isnt easy to answer right off the bat.
Sure, you can go to your bank and ask them to consolidate all of your debts. You could get a new credit card with a 0% interest rate on debt transfers. You could call a credit-counseling bureau, many of which were recently taken off tax exempt status by the IRS, because rather than working to help you, they work to earn a huge profit off you
Every option has a downside, and there are more options besides. But lets go through these three possibilities and break down the advantages and disadvantages.
1. GETA BANK CONSOLIDATION LOAN
Banks love it when their customers decide to get smart with their debt burden, and they love it even more when they do so with that bank. When you transfer $10,000 of credit card debt (at 19% interest), a car loan (at 15% interest), and a retail charge account (at 18% interest) into a single bank loan at 9% interest, both you and the banks win. The downside of this is that banks can be tougher to get credit from than other lending institutions, and that means if youre in real debt...
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