Debt consolidation can help you save money on interest and get out of debt faster, but it doesn’t always work as planned. In a recent U.S. News survey of consumers who have borrowed a debt consolidation loan, more than a third regret doing so. Nearly as many say their finances haven’t improved since they consolidated their debt.
Here are some of the most common mistakes borrowers make when consolidating debt and how to avoid them:
If you’re applying for a debt consolidation loan, it may be tempting to lock in an offer just because the lender offers a lower interest rate than what you’re currently paying on your credit card balances. But the first offer you receive may…
Read the full article at: https://money.usnews.com/loans/personal-loans/articles/common-debt-consolidation-mistakes-to-avoid