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Added June 22, 2010 from: Mike Killian
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 Mike Killian
Answered By Mike Killian: The answer to your question as written is that there is no reason to avoid consolidation. But I am wondering if you meant something different. Consolidation means you are simply taking out a larger loan to pay off smaller debts. The only consideration is that you might end up paying interest on top of interest. I also would avoid securing that debt with a home loan, because now you would be converting an unsecured credit card to a secured home loan. My opinion is that it is usually very difficult to borrow your way out of debt.

If you're confusing consolidation with debt settlement or debt negotiation, they are a very different subject. It is also possible you are referring to a Debt Management Program (DMP) which is also a very different subject but worth looking into from a credible resource.

This question is about:  Credit Card Debt Help
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