Some things to consider before getting a debt consolidation loan are as follows:

Some things to consider before getting a debt consolidation loan are as follows:

- Find out how much money will be saved each month by getting the

loan. If you are not going to be saving or if you are going to end up

paying more each month, then it probably is not a good idea.

- Look at the length of time left on each debt. If you only have a

couple months left to pay on some debts then it would probably not be

in your best interest to consolidate them. Consolidating will extend

the length of time you will pay. It would be easier to pay off those

debts and consolidate only the ones with a long length of time left.

- Check into how much the debt consolidation loan will cost you total

and compare that to how much your debts are going to cost you. You

should save with the consolidation or it may not be worth it.

Basically when it comes to debt consolidation you have to think smart.

It may seem great to consolidate to get one bill every month instead

of numerous bills.

You may save money up front each month, but overall you have to look

out for what is good in the long run. Dont be too quick to consolidate

if you will not benefit in the end, you do need to look at the bigger

picture.

For example taking out a secured loan could really slash your monthly

payments and provide a quick fix, but in the long run you may well be

paying back a lot more.

That said however a secured loan could be a quick solution, as you can

pay off the loan when you come to remortgage. This is great because

secured loans have very small early repayment charges. You have many

options, so make sure that that you study each one carefully.

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