Calculator consolidating debt
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One of the biggest mistakes that people make is assuming a consolidation loan will be cheaper.
Naturally, there are some consequences which also need to be considered when deciding whether or not to consolidate.
The biggest consideration should be paid to the affordability of one large loan as opposed to many smaller debts.
This too can be an effective debt strategy, although there is one major risk associated with this that needs to be mentioned.
If you have a debt problem and you intend to refinance your multiple debts by swapping debt for one, cheaper debt, it's essential that you cancel the old credit facilities otherwise there is a risk that you will come to use those facilities again and ultimately find yourself in twice as much debt than when you started.