Debt is a trap that is very easy to get into. Is debt consolidation a good idea? That depends.
Debt can prove challenging to get oneself out of. Whether through reckless spending habits or the gradual accumulation of debt responsibilities, too many Americans are mired in hopeless levels of debt.
The general rule of thumb for attaining appreciable financial wealth is to have several income streams. That way, your chances of becoming wealthy improves dramatically.
Yet many people find themselves in deepening debt holes because they have instead multiple recurring debts. Debt increases as people attain more material items, struggle to maintain a preferred lifestyle, or assume new debt to pay off existing debt.
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