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This question was asked in the category: Debt Management.
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jack222
Guest
Jul 6, 2010

Debt Consolidation a Good or Bad Thing?

I missed a part of CNBC's "The Millionaire Inside" Debt-free program where they mentioned the reasons why debt consolidation is bad. Did anyone catch it or can explain to me why it may be a bad idea. I'm in a program and I'm debating whether I should stay in it.

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Sam Montana (677 posts  +773 likes)
Moderator
Jul 7, 2010

Watch it again: CNBC Millionaire Inside

 

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rock lopez (16 posts  +2 likes)
Member
Dec 21, 2010

This would depend on what kind of loans you want to consolidate. In some cases, debt consolidation can be very helpful, but in others it can do more harm. So it is important to take the advice of debt management experts before you decide to go for debt consolidation. Here is an article that brings out scenarios where debt consolidation may actually become harmful: http://www.suite101.com/content/when-is-debt-consolidation-not-a-wise-decision-a140396

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Eric Nevis (1 posts  +0 likes)
Member
Dec 21, 2010

Hi! Using a Credit is good but having debt is bad.Therefore use your credit properly and payoff your debt within time.If debt increases then it becomes reverses and you are now totally dependent on debt counseller .

Thanks for reading.

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rock lopez (16 posts  +2 likes)
Member
Dec 20, 2010

Debt consolidation is usually done to consolidate multiple high-interest bills into one low monthly payment. So any obligation, provided it is unsecured, can be consolidated. This can include high interest credit cards, personal loans, legal or medical debt, tax debts etc. You should however consult debt management companies before you opt for consolidation. They can give you some useful tips. Also here is an article where you can find more information: www.debtconsolidationoptions.net/whattoconsolidate.shtml

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