Debt consolidation can be a particularly difficult decision to make...and many people don't realise that it will (normally) cost you A LOT more in the long run.
As such, it should only really be considered if:
1. Your offer is at a significantly lower APR than you are currently paying;
2. You are in such a financial pickle that you REALLY can't afford your day to day living;
Of course, the most important thing to remember is that you are likely to be burdening yourself for between 4 and 5 years with quite a large loan. Given that you are paying oit back over such a long time, you will pay A LOT of interest.
The most important thing, however, is use the extra cash you generate each month WISELY and not get yourself into further debt by spending on the credit cards you have just cleared. |