For people struggling with mounds of debt, a debt consolidation program can seem like a wonderful thing. These programs promise to take all of your debts and reduce them down to one convenient monthly payment, leaving you with only one bill to worry about and a seemingly direct path to debt freedom. Sounds great, doesn’t it?
[See: 12 Simple Ways to Raise Your Credit Score.]
The problem is that debt consolidation programs can be expensive sometimes very expensive. That expense is usually wrapped right into the new payment you’re given so that you never directly see the costs, but they’re there. You’ll end up paying a lot more out of your pocket through a debt consolidation program than through handling it yourse…
Read the full article at: http://money.usnews.com/money/blogs/my-money/articles/2016-04-05/why-you-should-avoid-debt-consolidation-programs-and-what-to-do-instead