What are the disadvantages of loan consolidation and debt consolidation?
Additional cost of settling an existing loan (for example: redemption penalties) Additional cost of arranging a new consolidated loan (for example: broker commission) Longer repayment period Risking your home if taking out a secured consolidated loan The bottom line on loan consolidation and debt consolidation Many borrowers, particularly those in deep financial trouble, are unaware of other possible solutions open to them besides loan consolidation or debt consolidation. You can try other tactics such as: Negotiating with creditors yourself Getting professional help from free debt counselling services Consolidating your existing loans and debts into a single smaller monthly repayment can often be all that is necessary to put an end to the stressful demands made by harassing creditors. However, loan consolidation and debt consolidation should not be considered a magic potion. If applied sensibly, it can help you clear your debts. But if you have more serious financial problems, loan co
