Consolidating organizations

But let’s be honest: Your interest rate isn’t the main problem. This specifically applies to consolidating debt through credit card balance transfers.

The enticingly low interest rate is usually an introductory promotion and applies for a certain period of time only. In almost every case, you’ll have lower payments because the term of your loan is prolonged. Your goal should be to get out of debt as fast as you can!

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!

If that’s not bad enough, you’ll end up shelling out ,080 to pay off the new loan versus ,392 for the original loans—even with the lower interest rate of 9%.

This means your "lower payment" has cost ,688 more.

The solution requires you to roll up your sleeves, make a plan for your money, and take action!

Half years exclude summer sessions and generally fall within a 12-month period.

For schools that have a year-round program of instruction, nine months is considered an academic year. Schools must be accredited to be eligible to participate in federal student aid programs.

Most of the time, after someone consolidates their debt, the debt grows back. They don’t have a game plan to pay cash and spend less.

In other words, they haven’t established good money habits for staying out of debt and building wealth.

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