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Should Dave Ramsey’s warning scare you away from debt consolidation?
Key points
- Debt consolidation can be a great debt-repayment tool.
- Dave Ramsey isn’t a fan of it since he thinks it will potentially keep you in debt longer.
- There’s merit to Ramsey’s advice, but you shouldn’t necessarily avoid consolidating your debt.
If you’re paying off credit cards or other consumer debt, you might be interested in whether debt consolidation could help you do it faster.
Debt consolidation is exactly what it sounds like: You consolidate or group multiple debts into one bigger new loan. Typically, you use a personal loan or a balance transfer credit card to do that. You pay off existing lenders with the personal…
Read the full article at: https://www.fool.com/the-ascent/personal-loans/articles/dave-ramsey-said-debt-consolidation-could-cause-you-to-stay-in-debt-longer-for-one-simple-reason/