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Getting Out of Debt on a Teacher's Salary
Getting Out of Debt When You Have No Money
Getting Out of Vehicle Debt
Disadvantages of Consolidating Credit Cards
Does Consolidating Credit Cards Hurt Your Credit?
Is Debt Consolidation Good?
How to Get Someone to Pay Off My Debt
Settling Debt
How to Consolidate All Debts
How to Pay Off Debts When You Don't Know Where to Pay
What Is the Best Debt Consolidation Company?
Where to Get Free Money to Pay Off Debts
When Not Paying Off Old Debts Can Hurt
About Credit Card Debt
What Is the Best Way to Consolidate Credit Card Loans?
How to Pay Down Debt
How to Get Out of Debt With Low Income
How Does a Debt Consolidation Program Work?
What Are the Pros & Cons of Debt Consolidation Programs?
How to Find Debt Cures
What Is Good Debt?
Do-It-Yourself Debt Consolidation
Do You Need Debt to Build Credit?
What Effect Will Debt Settlements Have on My Credit Report?
Can a Credit Card Company Pursue Debt After 7 Years?
What Is a Consolidation Loan?
What Types of Debt Can Be Garnished From Wages?
Americans are carrying more debt than at any other time in history; on average, $8,000 per person. When de… More
Mortgage debt is heavily impacted by your type of mortgage, interest rate and down payment. Mortgage debt … More
It is rare to find a person in the U.S. who does not have any debt. There are many ways to eliminate consu… More
Thinking you might want to consolidate debt loans? Need to put away your credit cards? There are good alte… More
The phrase "debt management" has different meanings for everyone, but it is necessary when you either have… More
In a debt consolidation, all bills are combined into one payment with a lesser interest rate. Destroy cred… More
Debt consolidation can be beneficial for those who would like to create a new loan from all of the debt th… More
Debt consolidation is not good because it can cause a person to lose their home and because it raises a fl… More
One of the easiest ways to get out of debt is with a consolidation loan, which involves the reduction of a… More
There are a couple of ways to pay off credit card debt, including getting a consolidation loan, making mor… More
Whether you have a large debt or you’re just trying to pay off a few credit cards or small loans, i… More
Debt is a wide-scale issue that requires immediate attention. The ability to reduce debt and stop being a… More
It seems like your world is over. You are in so much debt that you're not sure what to do with yourself or… More
A report by the American Bankers Association in January 2009 found that delinquencies from bank-issued cre… More
Consumer debt is out control. Loans and credit cards have cost individual consumers thousands of dollars d… More
Summary: Debt consolidation is not good because it can cause a person to lose their home and because it raises a flag that is placed on a person's credit history. Discover why lenders don't like debt consolidation with help from the owner of a debt negotiation company in this free video on debt and money management.
Peter Repak has been in the debt settlement business for over half a decade. He and his wife founded the Clear Financial Company with a common goal of helping others to get out of...read more
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"My name is Peter Repak. I am the owner of Clear Financial LLC, a debt negotiation company. Is debt consolidation good? Well, no. Here's the reason why. Because you can do two methods. One of them is to consolidate all of your debt into your house. A credit card debt is an unsecured debt. If you're not paying that one or you're falling behind nothing is really going to happen besides you're going to have a bunch of collection agents calling you. If you don't pay your house though, then what's going to happen that they are going to foreclose on your home and you will lose your house. And that's not really a good thing. The other method is what the credit card companies want you to do is called a consumer credit counseling agency. Consumer credit counseling agencies were set up by the banks themselves. Of course they want you to go to them. However what you have to understand. Instead of four years what they telling you on the telephone, that's how long it's going to get to you, to get out of debt. What you need to know is takes about 8 to 12 years to get out of debt. And all you're going to do is lower maybe the interest rate but you're still going to have to pay the same amount of money that you owe and it's not really going to help you because it also going to make an automatic flag on your credit history that you're unable to handle your debt. And at that time no one wants to lend you money because you can't handle your own finances and on top of that, what happens is, you still owe the same amount of money. So your debt to income ration stays as it was before. So lenders don't like that. Thank you very much. My name is Peter Repak, the owner of Clear Financial LLC, a debt negotiation company."
eHow Article: Is Debt Consolidation Good?
Meet Mark P Cussen, CFP, CMFC eHow's Personal Finance Expert.
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