Are Debt Consolidation Loans Bad News? | McCarthy Law PLC
November 10, 2014

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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