Click here for today’s debt consolidation refinance rates.Halliwell would only encourage someone to get a debt consolidation loan if it results in paying less interest over time.
“Everyone wants the biggest and best right off the start.
That’s how so many get into financial trouble,” she says.
But they can use them again.” Bustos has seen too many people never cut up those cards and then begin using them again till they max them out again.
“Instead of debt consolidation, I recommend doing a crisis budget. This way, they don’t touch the equity in their home,” she says.
You can figure out if you leave the current loan alone or you consolidate and how much it will cost you or save you,” he says.
He also said talking to a financial planner, your accountant or even someone in your family who understands finances is a good step to do before signing any new loans.
Many of these tables are available online now, too.
“It can be very valuable to start there and look at your current loans.
“It’s just better to live within your means and pay off those credit cards one at a time,” she says.