The Consolidation Myth
Warning: Do not consolidate your loans. This doesn’t solve the problem. Consolidation may reduce your monthly debt payment, but it also means you’re not paying your debt off as quickly as possible. Without a financial plan, the extra money that was being used for debt repayment may well be spent in other ways so your debt grows. It’s far better to “bite the bullet” and address your debt problem rather than making it “easier” through loan consolidation and paying less on the amount owed. Debts need to be paid, and the sooner the better.