Got Credit Card Debt? Debt Consolidation Isn't the Answer

Here's why...

Let me guess... you're sitting under a pile of credit card debt and some letter that you got in the mail, or a commercial you saw on TV, or a letter you got from some salesman tells you that a debt consolidation loan is the way for you to go.

I know all the rationalizations: you get one low payment, you only have to pay one bill, your interest rate comes down... blah... blah... blah.

While the math part of that may be true, a debt consolidation loan doesn't work for most people. It didn't work for me.

I took out a debt consolidation loan when I was $27,600 in debt. I thought I was doing myself a huge favor.

But I wasn't. I kept spending like I always spent. And I was eventually in more than $50,000 in debt. Learn how to control your spending and pay off your debt. That's how you will get out of debt.

Without learning to control your spending, a debt consolidation loan will only generate more debt for you, as you will use your credit, which will suddenly be available to you again, to overspend.

That's the cold, hard, truth. And you may not believe it today. But I hope you do. If you don't believe it today, odds are you'll end up believing it one day. So start listening now: set a budget, and spend cash. One day you'll be glad you did.