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:
“For some years now, there has been proof that the devastating effects of the traumatization of children take their inevitable toll on society—a fact that we are still forbidden to recognize. This knowledge concerns every single one of us, and—if disseminated widely enough—should lead to fundamental changes in society; above all, to a halt in the blind escalation of violence.”
—Alice Miller (20th century)
“The country is fed up with children and their problems. For the first time in history, the differences in outlook between people raising children and those who are not are beginning to assume some political significance. This difference is already a part of the conflicts in local school politics. It may spread to other levels of government. Society has less time for the concerns of those who raise the young or try to teach them.”
—Joseph Featherstone (20th century)
“I have no doubt that it was a principle they fought for, as much as our ancestors, and not to avoid a three-penny tax on their tea; and the results of this battle will be as important and memorable to those whom it concerns as those of the battle of Bunker Hill, at least.”
—Henry David Thoreau (1817–1862)