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   Debt Consolidation

Consolidating all your debt into one monthly bill may seem like a great way to take control of your debt, but you should be very careful. There is a chance that you could end up in even deeper debt!
Here are a couple things to take note of if you are thinking of a Debt Consolidation Loan. These loans often require you to put your home as collateral. When a lender loans money to pay off all your credit cards and other debt, you have one monthly bill which is paid to the lender. Sometimes these loans can have an APR that is higher than your already high credit card interest rate. Even if you do get a low APR, you need to understand that you have turned your unsecured debt into a secured debt, and in the end you will still be paying more than your principal balance because most Debt Consolidation Loans are given in the form of home equity loans. If you get behind on these payments, your home can go into foreclosure. There may be other loan options, but please understand that due to your potentially poor “debt-to-income ratio” and/or credit rating, you may not be considered for a loan to help you get out of debt, and are left to consider your other options.


Debt Consolidation
Emerson and Douglas
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Emerson & Douglas
Emerson & Douglas Associates, LLC · 26 Ermer Rd. 2nd Floor, Salem, NH 03079 · 1-888-939-1115
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* Disclaimer: Individual results may vary based on ability to save funds, amount of debt, willingness of creditors to negotiate, and the successful completion of all program terms. Program does not assume or pay any debts, nor provide legal or tax advice. Prudence should always be taken by consumers when reviewing contracts and disclosure materials. Emerson & Douglas Associates, LLC services not available in all states. For more details see our Disclosures page.
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