Consolidating debt affect
But what about different forms of debt consolidation?
Consolidating debt is usually one of your first lines of defense against the bad outcomes of severe financial distress, but can the solution also cause any delay to achieving your future goals?
And as long as you made all of your program payments on time, you typically shouldn’t have any credit damage.
The issue, is that in many cases, you’re in a DMP because you’re already on some shaky financial ground.For these reasons, taking out a personal loan to consolidate higher interest debt can often be very beneficial.Keep in mind that even though the interest rate may be lower with a personal loan, you could end up paying more in interest over time because the repayment terms are longer.So even with this assisted form of debt consolidation, as long as it’s done correctly, it should be a good thing for you achieving your dreams of home ownership instead of a bad thing..
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