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Debt Consolidation: Pros vs Cons

Many people have mixed feelings about debt consolidation and what it can do for them. Debt consolidation, like many other things in life, is not the ‘best’ step for every person who’s in debt.  It is different for each person and for each individual’s debt situation. To find out if debt consolidation is really the best step for you, the pros and the cons must be weighed up, and it is probably worth visiting a finance consultant as well. Some of the main pros and cons of debt consolidation that could be considered are listed below.


  • Lower interest or fixed rate: this means you’re paying less on debt every month.
  • One creditor, one monthly payment: instead of several payments, you’ve concentrated all debt into one big payment, which may make it easier to manage.
  • Reduction of the overall amount paid each month.


  • One creditor, one monthly payment: although it may be easier to manage, it takes away your ability to negotiate with your different creditors if further financial troubles arise.
  • Causes difficulties in gaining loans or discharging your debts into bankruptcy.
  • Longer term to pay.
  • Pay more overall due to the increase of payment time.
  • If the person going into debt consolidation has a bad spending habit, it could lead them into more debt as they free up their credit cards.

In addition to the pros and cons listed above, it is vital to do the maths and don’t get pushed or rushed into anything. You have to be sure of what you’re doing and that it is the best option for you. There are dodgy debt consolidation companies out there who do not have your best interests at heart and this is when your research will come in handy. You should definitely be better off after the debt consolidation than before it (e.g. new rates after debt consolidation are lower than the rates you are paying now); if that’s not the case, then it’s time to reconsider because debt consolidation may not be the best step for you.

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