Consolidating debt one credit card

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You’re in deep with credit cards, student loan debt and car loans.

Minimum monthly payments aren’t doing the trick to help nix your debt.

Here’s why you should skip debt consolidation and opt instead to follow a plan that helps you actually win with money: The debt consolidation loan interest rate is usually set at the discretion of the lender or creditor and depends on your past payment behavior and credit score.

Even if you qualify for a loan with low interest, there’s no guarantee the rate will stay low.

Most of the time, after someone consolidates their debt, the debt grows back. They don’t have a game plan to pay cash and spend less.

They’ll leave you on the hook for late fees and additional interest payments on debt they promised to help you pay!If that’s not bad enough, you’ll end up shelling out ,080 to pay off the new loan versus ,392 for the original loans—even with the lower interest rate of 9%.This means your "lower payment" has cost ,688 more.Debt settlement is a scam, and any debt relief company that charges you before they actually settle or reduce your debt is in violation of the Federal Trade Commission.When you consolidate your debts or work with a debt settlement company, you’ll only treat the symptoms of your money problems and never get to the core of why you have issues in the first place.

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