Debt SolutionIf two men agree on everything, you may be sure that one of them is doing the thinking. - Lyndon B. Johnson
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Debt Consolidation

If You Consolidate Debt, Is It a Cure?

Debt Consolidation

Debt consolidation sounds simple, and it can be, but there is so much more you need to know. Debt consolidation simply means reducing your debts by combining them into only one monthly payment. When combined it lowers your total monthly payment and allows you to pay off your debt more quickly and at a lower cost.

But be careful about what looks like a quick and easy fix. Debt consolidation provides symptomatic relief but it does not provide a cure for your debt problems. The reason you got into trouble in the first place was by overspending. If you take on yet another lender, you are only adding to your problems. Plus, the new loan can be far more expensive than the debt you’re trying to pay off. It can include very high fees and other profit for the lender.

Debt consolidation often involves getting a secured loan against an asset that serves as collateral. The collateral is usually your house (i.e., your mortgage loan is secured against the house.) This constitutes a guarantee that the loan will be paid – either by you or if you can’t pay it back, by the foreclosure of the loan.

Debt Management, Get Debt Help

Can you solve these
fun puzzles of the financial sort?

Addressing the Root Cause of Your Financial Problems

There are many reasons we get into a financial bind. Perhaps you fit into one of the following causes:

  • Buy Now – Pay Later Attitude
  • Excessive medical expenses

    A family member suffers a serious illness and your health insurance cannot cover all the medical bills.

  • Divorce

    Attorney’s fees – child custody costs – splitting of the bills – selling the house. Yikes!

  • Gambling

    Gambling is fun and exciting, especially when you win. But most of the time you don’t win. And when it becomes addictive, it is hard to stop. Gambling debts can lead you quickly into financial disaster.

  • Reduced or lost income

    This can be caused by divorce, death of spouse or unemployment. It is a very scary time that often leads to charging everything on your credit card.

  • Business debt
  • Poor money management

    Do you know where your money is going? Do you feel out of control and helpless?


Some problems are unavoidable, but if you change the way you look at and use money, follow our tips and guidelines, keep a budget and live within your means you will go a long way to avoiding problems in the future. If you can, take a money management course. You’ll be so glad you did.


Follow the links below to help find the debt solution best suited for you.

Additional financial resources:

Do you have bad credit? We can offer semi truck financing for people with bad credit.

Read more about debt cures.

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