Debt consolidating

Debt consolidation has both advantages and disadvantages. The advantage of debt consolidation is that the monthly payments, and the interest rates get lowered. Moreover as the debts are consolidation into one, you are required to make a single monthly payment each month. Thus, it becomes much easier to pay off debt, and save money each month.

The disadvantages are that if you have credit card debt, and if you close down old accounts in balance transfer, this can hurt your credit score. In case of taking out a consolidation loan (secured one) you are at the risk of losing your asset. Moreover, if you cannot pay off quickly, you end up paying more on the interest.

For more details on debt consolidation refer http://www.debtconsolidationcare.com/loan.html .