But they don’t tell you that it will now take you six years to pay off the loan.
Debt consolidation is nothing more than a con because you think you're starting with a clean slate.
But the truth is the debt is still there, as are the habits that caused it—you just moved it!
Myth: Debt consolidation saves interest, and there’s one smaller payment.
Truth: Debt consolidation is dangerous because it only treats the symptom.
It’s typically considered for people who have high consumer debt.