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Bad debt consolidation

bad debt consolidation

Definition

Debt consolidation is the process of moving several high interest credit card debts into a single monthly payment. You can create your own consolidation plan using a personal loan, a lower interest credit account, a home equity loan or line of credit. You can choose to work with a debt consolidation professional, who can help you create a program that will consolidate your debt either through a loan product or through a program set up and administered by the debt consolidation professional.

Warning

Developing a consolidation program on your own can be an attractive way to take care of your debt, because you avoid the fees paid to a debt consolidation professional, and you will not add a negative mark to your credit report. One consolidating loan for which you may qualify is a secured personal loan. A secured personal loan is backed by your personal property, which would be used as collateral. If you default on that consolidation loan, you will lose that property. The same applies to refinancing your mortgage to include the consolidation of your debt. If you default, you will lose your home. You should understand the terms of the program before signing a loan agreement.

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