Concerns
In recent years, reports in the media have raised concerns about the use of consolidation loans. The worry is that many people are tempted to consolidate unsecured debt into secured debt, usually secured against their home. Although the monthly payments can often be lower, the total amount repaid is often significantly higher due to the long period of the loan. Debt consolidation sometimes only treats the symptoms of debt and does not address the root problem. In some circumstances, snowballing debt may be a better solution.
Read more about this topic: Debt Consolidation
Famous quotes containing the word concerns:
“Art and science coincide insofar as both aim to improve the lives of men and women. The latter normally concerns itself with profit, the former with pleasure. In the coming age, art will fashion our entertainment out of new means of productivity in ways that will simultaneously enhance our profit and maximize our pleasure.”
—Bertolt Brecht (1898–1956)
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—Chauncey Wright (1830–1875)
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—Anna C. Brackett (1836–1911)