Comments on: How To Consolidate Debt: Ways To Reduce Your Debt Load

By: Paul Sarwana

Paul Sarwana — Mon, 16 May 2011 11:09:28 +0000

Good points and easy to understand post.

IMHO, consolidation should only be used as a short term debt solution. If the debt problem is caused by bad spending habits then the key to stay out of debt is changing the them from consumptive to productive. For most consumers, however, this advice is not favorable because they tend to look for instant solutions.

By: Alison @ Reduce debts

Alison @ Reduce debts — Tue, 27 Oct 2009 03:55:34 +0000

Another idea is if things are pretty bad is to ring up your credit card company and try to negotiate for a lower interest rate. The last thing they want is for you to default on your loan and be left with a huge loss.

By: Buddystips

Buddystips — Sun, 06 Sep 2009 03:56:22 +0000

I’m a big proponent of debt consolidation ONLY if it leads to reduce payments and the freed up funds are blended with the consolidation payment to rapidly reduce or pay off the consolidaton loan. Otherwise, consolidation makes no sense. This takes discipline and self-control. I have seen friends of mine consolidate their debt, free up funds by reducing their payments, and continue with the normal spending pattern…the result…they go deeper into debt. If you consolidate, do so with the sole purpose of paying off the consolidation loan quickly by using the funds freed up to accelerate your consolidation payments.

By: Dean's Credit Ideas Guide

Dean's Credit Ideas Guide — Tue, 11 Aug 2009 21:29:21 +0000

Consolidation of debt can be a big help (it was in my case years ago). Thanks for sharing your ideas (both pro and con) here.

By: Leila Houshmand

Leila Houshmand — Sat, 11 Jul 2009 01:06:42 +0000

Hi
I am currently a student & not working & I have a lot of credit card debt. I wanted to know if I could consolidate my debt.
thank you
Leila