What do debt consolidation loans do?
Usually Debt Consolidation loans simply transfer the debt from one place to another and normally take an unsecured debt and change it into a secured debt. The fact is: you cannot borrow your way out of debt. About 65% of people who obtain a debt consolidation loan find themselves in deeper debt a few years later. The main problem with consolidation loans is that once you have paid off the credit cards you have a whole new source of spending power: empty credit cards.
