What determines whether a debt consolidation loan is a good debt relief option?
Obviously the term, rate, and conditions of the loan are critical. In order for a debt consolidation loan to make sense, clearly the monthly payment, interest, and/or payback term must be less than staying the current course. Assuming these factors are all favorable to the consumer, the most important determinants of the suitability of a debt consolidation loan for your situation is a) the nature of the loan, b) the nature of your debt problem, c) your income stability and the amount of “breathing room” you’ll have if an unexpected expense arises, and d) how these all play into each other.
