Are Debt Consolidation Loans Bad News?

Suze Orman

Los Angeles, CA

Today. A recent question and answer session with financial guru Suze Orman discusses a wrong way to pay down debt. A family with $26,000 of various debts is searching for a way to pay down their debt.  They are using their salaries to make payments. However, they are considering taking out a personal loan to consolidate their debts into one big debt, and then pay that debt down


Suze Orman does not believe in debt consolidation personal loans to repay debts. Often these loans are at a high interest rate with strict repayment terms. Debt consolidation programs can also depress your credit score while paying back 100% of your debt plus interest. If you are in significant debt consider debt settlement performed by a qualified law firm. Many people are faced with the burden of high debt and behind in the minimum payments. In this scenario, debt settlement with a qualified debt settlement attorney can be a great solution.

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Kevin Fallon McCarthy

Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.