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The truth is that having any debt means you are financially beholden to a creditor and you can’t put your money in your own pocket until your obligation is met.You’ve got several options when you make the decision to eliminate debt.One of the biggest pitfalls of debt consolidation is the risk of running up new debt before the consolidated debt is paid off.
[Learn More: Easy Way to Improve Your Credit] Debt Management Plan A debt management plan is a formal plan to restructure and pay off your debt. Debt is costly and can prevent us from reaching financial goals (or at least prevent us from reaching them when we’d like to).Some people consider credit card debt bad and mortgage or student loan debt good.Even if you fall in a low tax bracket, you could face a huge bill to the IRS.
The debt settlement process involves hard-core, long term debt collection attempts by your creditors, and serious credit score damage that will last for many years.
Debt consolidation makes sense for people who want to make one payment each month instead of several, and for those who can lower the amount of interest they pay by taking the new loan.