Consolidating debt into your mortgage good idea

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Something has to change, and you’re considering debt consolidation because of the allure of one easy payment and the promise of lower interest rates.

The truth is debt consolidation loans and debt settlement companies don’t help you slay mammoth amounts of debt.

Your monthly payment on the first loan is 7, and the payment on the second is 3. You consult a company that promises to lower your payment to 0 per month and your interest rate to 9% by negotiating with your creditors and rolling the two loans together into one. Who wouldn’t want to pay 0 less per month in payments?Most of the time, after someone consolidates their debt, the debt grows back. They don’t have a game plan to pay cash and spend less.In other words, they haven’t established good money habits for staying out of debt and building wealth.In fact, you end up paying more and staying in debt longer because of so-called consolidation.Get the facts before you consolidate or work with a settlement company.

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