Government loans consolidating debt
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.The consolidator then issues a new loan for the same amount with a secure interest rate.This basically means that the rate isn’t going to change unless the borrower fails to make payments or otherwise defaults.You don’t need to consolidate your bills—you need to delete them.To do that, you have to change the way you view debt!Debt settlement is a scam, and any debt relief company that charges you before they actually settle or reduce your debt is in violation of the Federal Trade Commission.
The solution requires you to roll up your sleeves, make a plan for your money, and take action!
The debtor basically surrenders all outstanding balances to the government entity, which will pay them and issue a new loan representing the balance owed,plus some degree of interest in most cases.
People often like this sort of structure because of its convenience.
Here are the top things you need to know before you consolidate your debt: But here’s the deal: debt consolidation promises one thing but delivers another.
That’s why dishonest companies that promote too-good-to-be-true debt relief programs continue to rank as the top consumer complaint received by the Federal Trade Commission.
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Two words for you: , although often the terms are used interchangeably.