Debt Consolidation: Pros and Cons
While credit cards seem like a great way to gain some wiggle room in a solid financial plan, they often spell trouble for consumers. On average, each American family has e credit cards and a little over $5000 of credit card debt.
After including the monthly costs of utility bills, tuition fees, rent, etc., getting ahead of these debts can feel almost impossible. Once you find yourself making minimum payments, you can bet your situation will not be getting much better unless decisive action is taken.
So, many people look to debt consolidation to relieve some of the financial pressure. But is this a good idea? Well, it can be. But first it will be important to look at the advantages and disadvantages of this financial plan.