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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. But the truth is debt consolidation loans and debt settlement companies suck even more. In fact, you end up paying more and staying in debt longer because of so-called consolidation.Get the facts before you consolidate your debt or work with a settlement company.And now the total loan amount would jump to ,103.So, that means you shelled out ,282 , although often the terms are used interchangeably.Here’s why you should skip debt consolidation and opt instead to follow a plan that helps you actually win with money: The debt consolidation loan interest rate is usually set at the discretion of the lender or creditor and depends on your past payment behavior and credit score.Even if you qualify for a loan with low interest, there’s no guarantee the rate will stay low.The debt includes a two-year loan for ,000 at 12% and a four-year loan for ,000 at 10%.

In South Korea, there is bungaeting (번개팅) which is a combination of the Korean word “번개” (“bun-gae” which literally means “lightning”) and the word “팅” which is derived from the last syllable of the English word “meeting”.But let’s be honest: Your interest rate isn’t the main problem. This specifically applies to consolidating debt through credit card balance transfers.The enticingly low interest rate is usually an introductory promotion and applies for a certain period of time only. Be on guard for “special” low-interest deals before or after the holidays.Pay attention here, because these crafty companies will stick it to you if you’re not careful.We’ve already covered consolidation: It’s a type of loan that rolls several unsecured debts into one single bill. Debt settlement means you hire a company to negotiate a lump-sum payment with your creditors for less than what you owe.

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