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subject: Simple Debt Consolidation Tips - The Risks of Consolidating Debt to Avoid Bankruptcy [print this page]

Simple Debt Consolidation Tips - The Risks of Consolidating Debt to Avoid Bankruptcy

In a world where debt is becoming more and more common, people have begun to take debt relief options much more seriously, and thus have started using debt settlements and debt consolidation, mostly to their advantage.

Debt consolidation usually implies getting one larger loan that covers all of your debt. This is advantageous because you can pay it pack at a lower interest rate and have lower payments spread out over a longer period of time. It also turns unsecured debt such as credit card debt into secured debt - this means that you put up collateral that the creditor can take if you become unable to pay back the loan.

This is probably the main risk you face with debt consolidation. If you get a loan that is too big and you can no longer pay it back, you will be forced to give up assets in return for the money you owe. As the collateral is usually something of value such as a car, a house, land or so on, this can be quite painful for the debtor, especially since there's little hope of getting it back.

Another big risk with this is that your credit score will probably decrease considerably and you may have a hard time getting it back up, even more so if you choose to have a longer period to give back the loan. You should also be aware of scams - some companies may loan you money with the sole purpose of taking your assets in a fraudulent manner, and if you fail to ask about all the detail regarding the loan you could be at risk.

But you can also harm yourself with debt consolidation. Once you find that your credit cards for example are usable again, you may simply go back to your old habits of spending more that you can afford, and this of course will only lead to more debt and more problems in the long run.

In the end, knowing the risks involved will help you avoid them, so that you can work on reducing your dept one step at a time. The only thing you need is patience and a little discipline to keep you on track.

Debt settlement is a legitimate alternative to filing bankruptcy and often makes sense for consumers on the verge of bankruptcy. There are also other debt relief options available so it would be wise to speak with a debt relief specialist to go over your different options. For a free consultation from a debt relief specialist in your area check out the following link:

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