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Here are the top things you need to know before you consolidate your debt: But here’s the deal: 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.Debt settlement companies also charge a fee for their "service." Often, the fee is anywhere from 15–20% of your debt.Think about it this way: If you owe ,000, your settlement fees would range from ,500–10,000.
Get the facts before you consolidate your debt or work with a settlement company.Most of the time, after someone consolidates their debt, the debt grows back. They don’t have a game plan to pay cash and spend less.In other words, they haven’t established good money habits for staying out of debt and building wealth.And now the total loan amount would jump to ,103.So, that means you shelled out ,282 , although often the terms are used interchangeably.