http://www.debt4dummies.com/debt/debt-consolidation/debt-consolidation-loans/ Debt consolidation loans are the worst things that ever happened to debt management programs. If you are interested in falling deeper into debt, then debt consolidation loans are the right way to go. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 Are you one of the 50 million currently living in debt? Are you up to your eyeballs in credit card debt, student loans, or medical bills? Then you may be a perfect candidate for debt consolidation loans, if you want to accumulate even more debt. The Oldest Trick In The Book Well, debt consolidation loans certainly aren't the oldest trick in the book, but they are a common source of misconception. Almost every debt specialist and credit counseling organization makes an effort to pawn them off as a great debt management plan. How can anyone facing the burden of living in debt even entertain the thought of taking out debt consolidation loans in order to pay back their debt? Doesn't the very notion, the very sound of the idea sound absurd? In the most basic, stripped-down sense of the word, a debt consolidation loan is when you borrow money to pay back your debt. The equation just doesn't add up. Okay, we don't want to completely scare you away, but we do want to present how ridiculous of an idea this is. And sure, they often tell you things to soften the blow, like the interest rates are so low that you can pay them off in no time, but the truth is that you are borrowing money to pay back money. Debt Consolidation Loans: The Real Definition Don't take it from us. Hundreds of other sites, which shall remain nameless, try to glorify debt consolidation loans. After hours and hours of research, we realized that every website mentions the same garbage: debt consolidation loans are loans given to you to pay off your unsecured debts. You pay off your unsecured debts immediately, but you still have the loan to pay back. The benefit is that the interest rate on the loan is so much lower (generally half of what you're paying now) and you can have it paid off in five years or less. Wow! What a deal. You pay back your debts, then you have to pay back the debt consolidation loans as well. It doesn't matter if the interest rates are low, you are still paying back debt consolidation loans that you couldn't afford in the first place. We don't want to scare you, but we want you to think about your options. There are a number of methods to consider for debt consolidation and debt management, and we honestly feel that debt consolidation loans are a senseless solution. Now go out there and find another way to fix this mess, but don't go too far because we're sure we have another answer on our site. If you are in need of credit card debt consolidation services in the new year, there is no better time than now to make it happen. On top of that, our confidential online debt consolidation process makes the rigors of getting your finances in shape much easier and user friendly. Sat, 26 Jul 2008 15:00:00 EDT