Either type of debt consolidation loan only places you deeper in debt, complicating your financial difficulties, not solving them.

We get calls from people telling us that getting a debt consolidation loan was the final cause of their financial health deteriorating. After they paid off their debts with the loan, it was not long before the credit card charges were run up again, leaving them with both a consolidation loan payment and credit cards to repay. The average consumer who obtains a consolidation loan gets back in debt and returns to look for yet another consolidation loan; never ending the cycle of debt and never rebuilding their equity. Americans of all education and income levels are falling into this trap.

An unsecured debt consolidation loan places none of your possessions at risk, but the loan's interest rate may be significantly higher than your current outstanding bills. In the end, you may be paying double or triple the amount in interest of your original debts or get side tracked making payments for years longer.

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Last modified: 05/20/08