You don’t need debt rearrangement, you need debt reformation.
This means your “lower payment” has cost ,688 more.The truth is that having any debt means you are financially beholden to a creditor and you can’t put your money in your own pocket until your obligation is met.You’ve got several options when you make the decision to eliminate debt. Debt is costly and can prevent us from reaching financial goals (or at least prevent us from reaching them when we’d like to).Some people consider credit card debt bad and mortgage or student loan debt good.But here’s the reality: debt consolidation promises one thing but delivers another.That’s why dishonest companies that promote too-good-to-be-true debt relief programs continue to rank as the top consumer complaint received by the Federal Trade Commission.Relevant Articles: 44 Ways to Create Extra Income Getting Results: How I Paid Off K The Best Personal Finance Books The debt consolidation loan interest rate is usually set at the discretion of the lender or creditor and depends on your past payment behavior and credit score.Even if you qualify for a loan with low interest, there’s no guarantee the rate will stay low.But let’s be honest: Your interest rate isn’t the main problem. This specifically applies to consolidating debt through credit card balance transfers. Your goal should be to get out of debt as fast as you can!The enticingly low interest rate is usually an introductory promotion and applies for a certain period of time only. In almost every case, you’ll have lower payments because the term of your loan is prolonged. You are only restructuring your debt, not eliminating it.