Why Debt Consolidation May Not Be Right for You

Debt consolidation has become a favorite way to deal with high levels of debt, and this is especially true for credit card debt. The basic concept is simple: roll several high interest credit card debts over into a single, low interest consolidation loan. Generally, the monthly payment on the consolidation loan is substantially lower than the combined payments on the credit card balances. And the lower interest rate of the consolidation loan enables faster payoff of the entire debt.

So far, so...