Debt Consolidation

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It seems like there are countless ways we can go into debt including credit cards, mortgages, student loans, auto payments, medical bills, home equity loans, pay day loans, and personal loans.  Despite the booming economy, record stock prices, and low unemployment, many Americans are still struggling with debt.  It’s not entirely due to spending habits.

One reason is that state support for higher education has plummeted, so student loans have sky-rocketed as a result.  Another is that while corporate America has been earning record profits since the last recession, they have mostly stashed it abroad to avoid taxes, spent it on CEO pay, paid dividends, and bought back their stock rather than raised employee wages or invested in expansion.  Most economists expect these habits to continue even after their massive tax cuts.

Thus, for a variety of reasons, people with many debts may find it useful to consolidate debts with fewer lenders or lower interest rates.  This may be most useful if you have many credit cards or student loans.

Here are resources for more information:

About John Kimball

Over the past few decades, I have experienced most of these financial issues with both mistakes and successes. I sure wish someone had told me these things when I was first starting out. So many times I have cried out, "I want a do over!" when I learned a new financial lesson or tip. I aim to pass along to you the financial insights I have gained from experience, reading, analysis, and living the financial aspects of managing, saving, investing, and spending your money. I am an analyst with a large organization and happily married with two children on their way to an expensive college, no doubt. I read numerous financial blogs, websites, newsletters, magazines, newspapers, and books to bring you the latest news, insights, tips, and lessons combined with decades of experience.

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