When you have debts everywhere you turn, it can feel like you’re completely swamped. Your hands are tied every payday as you funnel money into paying off debts, leaving you with no room to save.
That’s why a lot of people turn to debt consolidation, which is when you use a loan to pay off all of your debt — and it can seem like a godsend.
But wait, how is ANOTHER debt supposed to help?
Of course, you’re right to be suspicious. The thing is, it can help but only if you do it right. Do it wrong and you’ll be kicking yourself from a position worse than you’re in now.