Debt Consolidation

Pros and Cons

Factors to consider before Consolidating Debt

1.  Interest rates

2. Length of pay-off periods

3.  Monthly payments

4.  Secured or unsecured debt

5.  Consequences of Default.

6.  Amount Consolidated

7.  Your Credit Score 

8. Security of Your Present Income

Consolidation of debt only makes sense if the single terms and payment are less onerous than the combination of individual terms and payments of debt to be consolidated.

Trading various amounts of unsecured debt for a single debt that, in default, could result in the loss of your home, may not be in your best interest.