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What percentage of people actually has success with debt consolidation loans

When you are talking about debt consolidation loans, most people generally think of a quick and cheaper fix to their debt problem.  But in reality it is different than both of those statements.  To start, did you realize that although your payments are less than you are currently paying they actually stretch out the term of the loan, so they actually end up making more from you.  For instance, if you pay $300 a month for 3 years your total would be $10,800.00 but if you paid $245 dollars a month for 4 years you actually pay $11,760.00.  So they lowered your payments which they know will give you monthly relief starting immediately but they get to collect more money from you in the long run.  So you’re paying more interest on your already established interest.   Next, it is not a quick fix, being that 78% of people that are enrolled in a debt consolidation loan continue charging while they are in it.  The quick solution does not fix the underlying issue; it just gives immediate relief to you on a monthly basis.

Houston, and Texas as a whole, are making their way to becoming the most debt free place in America.  But we can quickly slip away from that place by not paying close attention to how we got in our situation.  Have you ever used your credit card a t a restaurant?  Maybe you spent somewhere between $75 and $200 for a night out?  Then have you ever on that same card made minimum payments? Then you will end up paying over double for that meal when it is all said and done.  And you’re looking at 2-3 years just to pay that meal off.  Can you even remember where you ate at 1 year ago to this date let alone 2-3 years ago?  How do you feel when you think about that you are still paying for that meal that you don’t even remember?  Heck, the meal could have even been for a blind date, an ex-girlfriend or ex-boyfriend – doesn’t sit very well with you right now huh?  Well me either when I think of it that way.  But truth be told that is how we need to think about it.

So when people are getting debt consolidation loans to help them eliminate their debt, the problem is not going away.  Getting rid of your debt actually takes time, patience, and there is no quick fix.  It is a lifestyle change.  There is a way to get out of debt in half the time and pay half the amount you currently owe and it is called debt settlement.  Your monthly payments will go into savings and you will be paying much less than you are currently paying on your minimum payments.  Not only that but you will be out of debt in 3 years or less.  But although this is all great news make sure you work with a reputable company that will explain to you the downfalls that debt settlement can bring and work with you in the process.  As long as you find that and go into it with realistic expectations in 3 years your life will be changed and you will start becoming debt smart and kick the old habits that got you into debt trouble.

 
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