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Is Debt Consolidation in NYC Right for You. When struggling to get out of debt it is important to know about all your options. One of the most commonly talked about debt solutions is known as debt consolidation. Many companies push this option strongly, but is it really effective, and is it the right option for you. For those struggling with debt in NYC, it is a good idea to learn exactly what debt consolidation is so you can decide if it is an option you should consider.
What is Debt Consolidation. To put it simply, debt consolidation is getting a new loan that is used to pay off all your other debts. So, if you owe $5000 on ten different credit cards, auto loans, or other debts, you would get one consolidation loan for $50,000 and pay them all off. This would allow you to make just one payment each month rather than ten. It is important to note, however, that this process doesn’t actually reduce your debt in any way. You still owe the same amount of money (and sometimes more, if the loan was for more than the total amount owed).
So rather than being a real debt solution, debt consolidation is more focused on convenience. For some people, having one monthly payment each month rather than multiple is going to make life easier, and in that case, it can make sense.