{"id":1037,"date":"2019-03-15T07:00:02","date_gmt":"2019-03-15T13:00:02","guid":{"rendered":"https:\/\/www.insure-us.org\/blog\/?p=1037"},"modified":"2019-02-06T09:15:37","modified_gmt":"2019-02-06T15:15:37","slug":"is-debt-consolidation-wise","status":"publish","type":"post","link":"https:\/\/www.insure-us.org\/blog\/is-debt-consolidation-wise\/","title":{"rendered":"Is debt consolidation wise?"},"content":{"rendered":"\n<p>According to <a href=\"http:\/\/www.consumercredit.com\">ConsumerCredit.com<\/a>, people thinking about consolidating debts often have one question: Is debt consolidation wise or not?<br> The answer is maybe. As one might expect, the wisdom of debt consolidation depends on several factors:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The interest rate on the new loan.<\/li><li>The consumer&#8217;s goal in taking out the new loan.<\/li><li>The consumer&#8217;s resolve not to take on any more debt.<br>\nWith a debt consolidation, you move your debt to a new loan serviced by one lender instead of many.<br>\nIn theory, with a new loan at a lower interest rate, the money saved on interest each month may enable you to pay off your debts faster. Or, if the new loan has a longer term, you may be able to lower your monthly payment. Either way, debt consolidation might be useful in some situations.<br>\nBut debt consolidation isn&#8217;t always effective. <br>\nDebt consolidation is useful for people who are disciplined enough to make the payments without taking on new debt. That&#8217;s the key. If you consolidate, but don&#8217;t change spending habits, you&#8217;ll be in deeper debt in a few years.<br>\nWith debt consolidation, good credit can make a big difference.<br>\nTrying to consolidate debt with bad credit is usually not wise. With a bad credit rating, it is unlikely that you can get a loan with low enough interest to make a difference in paying down debt. While having only one monthly payment may be a temporary source of comfort, consolidating debt to a high-interest loan hurts  finances rather than improving them.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>According to ConsumerCredit.com, people thinking about consolidating debts often have one question: Is debt consolidation wise or not? The answer is maybe. As one might expect, the wisdom of debt consolidation depends on several factors: The interest rate on the new loan. The consumer&#8217;s goal in taking out the new loan. The consumer&#8217;s resolve not [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32,31],"tags":[],"class_list":["post-1037","post","type-post","status-publish","format-standard","hentry","category-general","category-retirement"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.insure-us.org\/blog\/wp-json\/wp\/v2\/posts\/1037","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.insure-us.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.insure-us.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.insure-us.org\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.insure-us.org\/blog\/wp-json\/wp\/v2\/comments?post=1037"}],"version-history":[{"count":2,"href":"https:\/\/www.insure-us.org\/blog\/wp-json\/wp\/v2\/posts\/1037\/revisions"}],"predecessor-version":[{"id":1039,"href":"https:\/\/www.insure-us.org\/blog\/wp-json\/wp\/v2\/posts\/1037\/revisions\/1039"}],"wp:attachment":[{"href":"https:\/\/www.insure-us.org\/blog\/wp-json\/wp\/v2\/media?parent=1037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.insure-us.org\/blog\/wp-json\/wp\/v2\/categories?post=1037"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.insure-us.org\/blog\/wp-json\/wp\/v2\/tags?post=1037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}