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Something has to change, and you’re considering debt consolidation because of the allure of one easy payment and the promise of lower interest rates. But the truth is debt consolidation loans and debt settlement companies suck even more. In fact, you end up paying more and staying in debt longer because of so-called consolidation.Get the facts before you consolidate your debt or work with a settlement company.
In other words, they haven’t established good money habits for staying out of debt and building wealth.Once their fee is accounted for, they promise to negotiate with your creditors and settle your debts. Well, the debt settlement companies usually don’t deliver on helping you with your debt after they take your money.They’ll leave you on the hook for late fees and additional interest payments on debt they promised to help you pay!Their behavior hasn’t changed, so it’s extremely likely they will go right back into debt.Let’s say you have ,000 in unsecured debt—think credit cards, car loans and medical bills.
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Debt settlement companies also charge a fee for their "service." Often, the fee is anywhere from 15–20% of your debt.