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In all cases, the consolidation just covers up a problem.

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If you are a good candidate, he or she will recommend a debt management program to repay your credit balances.

You may be surprised to see how quickly consolidating those bills into the same (or lower) monthly payment can knock out your debt.

And, some forms of consolidation are extremely risky.

For instance, if you can’t make your payments on a home equity loan, you may lose your house.

Which strategy will ultimately be the best choice for you depends on your own circumstances, and we can’t tell you what to do.

But the option we want to discuss here is paying off debt.Bill consolidation is the process of combining multiple credit accounts into one loan.It provides the convenience of requiring just one monthly payment of the borrower.It’s tempting to pay off all those credit card debts with a new loan, then make just one monthly payment. Most consumers who use bill consolidation or take out debt consolidation loans end up throwing good money after bad.They usually build an even more towering mountain of debt in just a few years because they didn’t change their spending habits.In a debt management program, you pay the credit counseling services agency an agreed-upon monthly amount, and they disburse those funds to your creditors.

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