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You need to ask yourself this question: why am I consolidating my loan?This is an important piece of the puzzle; if you are not ready to pay off your debt faster, don’t bother with consolidation.Most of the consolidation offers that I receive are offering close to the same rate. There is no reason to have 2 BMWs in your garage while paying credit card debt.It was not worth it for me, so I decided not to go ahead with consolidation. You want compound interest to work for you and not against you.
You can also use the money to pay off debts with higher interest rate. The unsecure loans tend to be shorter term and this forces you to save and pay it off.If your house is too big, sell it and downsize to a smaller home.The definition of too big is if you have a room in your house that you haven’t used in a month. I didn’t say these steps are going to be easy, but it will get you closer to financial independence.Debt consolidation is the act of rolling high-interest debts, such as credit card bills or loans, into a single, lower-interest payment.This helps reduce your total debt amount and it is structured in a way to pay the debt off faster.
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