3 myths about debt consolidation companies

CNNmoney recently featured an article highlighting key things that debt consolidation companies can’t do. One of which happens to be illegal. But, people keep falling for these ‘con’-sters because of the hole they’ve dug themselves in with debt. If you’re in the thick of it and can’t see a way out, don’t fall for these common myths about debt consolidation companies.

Why debt consolidation doesn’t work

By watching television just a few times a week, you’ll notice a number of commercials pushing debt consolidation loans. You can save on interest and get a smaller monthly payment. That sounds great! The truth is that most of the time debt consolidation doesn’t work. If you aren’t convinced by the fact that they are being marketed so heavily by these loan and mortgage companies, let’s go over why they don’t work and why they are a bad way to get out of debt.