subject: Does Getting A Debt Consolidation Loan Make Sense For You? [print this page] Does Getting A Debt Consolidation Loan Make Sense For You?
Most American consumers have more than one debt. There are credit card debts, home loans, car loans, and a stack of others. They all have different interest rates too. Because of the weak economy, most consumer's incomes have been effected in some way, and it has become common to pay only minimums and it is easy to get behind with payments. The snowball effect often leads to the thought of consolidating all the bills and trying to wrap everything together under a debt consolidation loan.
The theory involved with consolidation loans is a good one. Unfortunately, the result doesn't always work. If the consumer considers the fact that much of their debt is in the form of unsecured loans - i.e. credit card debt - and only their mortgage or car loan may be secured, it means they will be trading unsecured debt for secured debt. That's how debt consolidation loans work. In order to obtain one, it usually takes collateral, and that means a second mortgage or another type of security like an automobile, and can also include expensive jewelry and electronics.
There will be liens on any collateral used for a debt consolidation loan. These liens stay in place until the entire amount is paid off. Since most of these loans are spread out over a long period of time in order to keep the monthly payments low, a closer look reveals that the consumer is spending far more overall than using other debt relief methods. And, if the consumer takes into consideration that their circumstances can change, a thought toward worst case scenarios such as job loss, illness, and divorce should be thought about. While no one wants to consider that the worst can happen, it can, and if the consumer is stuck with a long term debt consolidation loan, there's the worry about loss of property. Payment defaults can lead to seizure of the property used as collateral so there is much to lose.
There is a large percentage of consumers who take out debt consolidation loans, and end up right back where they started. In debt and behind in payments. Consolidating everything into one bundle is a dangerous option when there are others available, and the wise consumer will investigate options like debt management, debt settlement, and other types of debt relief. These methods also offer a way to combine and bundle credit debt, but not at the expense of using secured loans.
To avoid continuing economic turmoil, the consumer needs to research all of the options, make some changes in spending habits and choose a course that is the most sensible for them.
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