Debt Consolidation Explained.

I write a lot of negative articles about debt consolidation. So, I want to explain my reasoning behind that. It's not that I don't think it is a good idea in some cases. But one has to be aware that debt consolidation extends the time that you will be in debt. There are often fees involved that add to the debt. Yes, it can eliminate the credit card debt but it can strap your personal finances in other ways. I believe that there is a better way and that is Debt stacking. More importantly you need to change your spending habits, create a debt payoff plan and get out of debt.

First in order to consolidate debt and get a good interest rate you have to have a good credit score. Most people seeking debt help are at some limits and therefore their credit score is low. I also want to point out that a low credit score can increase insurance premiums. It's worst if you are in the job market a low credit score, using a debt settlement service even bankruptcy will prevent you from getting hired. So, although you may be able to consolidate your debt the interest rate may be higher. Also many conventional banks will only consolidate credit card debt with a home equity or other security. Online banks are okay but there are some rules you have to follow before going that route, like making sure they are listed with the better business bureau, members of a chamber of commerce, do your homework.

Beware of prepayment penalties before you decide that debt consolidation is for you. Get the total amount of interest that is to be paid back and compare it to the summary of the Rapid Debt Reducer program, software for debt reduction. I believe that you will be surprised at how much you will save and how fast you will be out of debt using the Rapid Debt Reducer instead of Debt Consolidation.

The Rapid Debt Reducer will improve your credit score if you follow the plan and pay your bills on time. Before you decide on consolidating your credit card debt with a home equity loan understand all the costs. Most of the time by changing a few spending habits debt freedom can be achieved without debt consolidation.

Imagine for a moment that you had no debts. No Credit Cards, No Car Loans, not even a Mortgage. Now IMAGINE what your life would be like. Allow yourself to day dream for a moment. How much money would that free up each month? What would you do with your new found wealth?....Just Imagine. This dream can be a reality for you. I will show you how to eliminate all debts in less then 7 years with the money you already make. This is not debt consolidation or debt settlement, there are no monthly fees. Check out the free online demo 3 steps to financial freedom video.

SoLongBills.com is a key resource in providing up to date financial resources to eliminating debt and living life better

Avoid debt consolidation at all cost until you have reviewed my method of reducing debt! GET OUT OF DEBT TODAY you wil lbe glad you did.

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