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What are the disadvantages of a debt consolidation loan?

April 26, 2017debt consolidation disadvantages loan

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What are the disadvantages of a debt consolidation loan?

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Your credit card debt will now be secured by your home. Now, if you miss your mortgage payments you can lose your home. Additionally, many consumers that use a loan to solve their credit card debt find themselves running up those credit cards again in as little as six months after they took out their loan. Therefore, the discipline of completing a debt consolidation program may be more effective in the long run.