Debt Consolidation Commercials- Are they Leading You to Financial Ruin? 

We've all seen those debt consolidation commercials where they promise to lower your monthly payments.  The short answer about those promises is YES they are true!  It's possible to do debt consolidation loans that lower your monthly payments.  That said, most thinking people should be asking how this is possible.

The answer is what those commercials do not tell you.  While they can lower your monthly payments by paying off high interest rate credit cards, a lot of the so-called savings is due to the increased number of payments that are needed to be made. 

Here's a good example.

Suppose you borrow $100 dollars in the terms are that you will make a $10 payment every month for 10 months.  10 months x 10 dollars equals 100 dollars.

Now assume that another lender offers to cut your payments in half!  Everyone who doesn't think then lines up and gets the new debt consolidation loan not even considering the annual percentage rate or other terms.  All they see is that the payments are cut in half.

How they do it?

Well, let's go back to the same $100 dollar loan.  But this time, the terms say that you will only need to make a payment of five dollars a month.  Sounds great until you do the math.  To pay back the 100 dollars, you will need to not make 10 payment but 20!  The number of payments you make just doubled! 

This is the trick they don't tell you in those debt consolidation commercials.  To make matters worse, the longer you are making payments, the more money is spent in interest.  So even though your loan payment can drop, you actually end up spending a lot more money.

Many of the commercials on television for debt consolidation are designed to provide bad credit debt consolidation loan advise for those who simply want a lower payment.  While a bad credit consolidtion loan may first seem like a good idea, short-term, it's rarely a good for you financially unless you use the savings wisely. 

It's possible to use high risk personal loans and debt consolidation loans to your advantage.  The way for you to get maximum benefit is to take any additional cash in your budget from doing a debt consolidation and put it all back into the loan itself.  This can get you out of debt faster than simply making your monthly payments.

Under no circumstances should you contact lenders to advertise debt consolidation on commercials.  These are normally high pressure sales organizations and rarely give you the best deal.  Notice that these commercial lenders advertise at the same time as lawyers, who also rarely have your best interest at heart

A better option is right on this site.  Sign up for the free report that sends you financial tips on how to get the best deal in many financial situations.  Whether it's high risk personal loans, payday or debt consolidation loans, this site defines resources that can help you.  Regardless of your situation. 

Last week, we found a lender who specializes in bad credit debt consolidation loans debt helped many families get their financial situation back on track

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Debt Consolidation Commercials

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