If your finances have been driving you nuts and all you've got is debts, then it's about time you stopped stressing over it and get started to solve your problems.
If you were to share your problems with someone, chances are they would suggest that you consolidate your debts and pay them off slowly rather than to declare bankruptcy or go through the hassle of solving it yourself.
As tempting as it may be, before you sign up for consolidation, think twice, thrice and get a second opinion.
Is debt consolidation really worth it? The lower interest rates, time extensions and one lump sum to pay instead of several sounds more appealing and seems like a good idea.
But then again, with all your money on the line, anything could go wrong.
Considering that most companies always take up collateral, you could be at risk of losing your assets if something were to come up and you were unable to make your said payment.
In addition to that, if you fail to come up with your agreed amount of payment, you not only risk losing your home and car but you could also be blacklisted by banks and financial institutions making it hard for you to obtains loans or get a mortgage later on.
Furthermore, it may sounds pretty cool to get a much longer payback time but the reality of it is that, if you take 30 years instead of 10 years to pay back your loans, the low interest rate would accumulate and cost you more than your initial amount.
You may not feel it each month, but if you look at the whole picture and calculate the total cost, you would see hardly any difference in the amount you are forking out.
If your finances really need help then get it, but scout out for the best options and pick one you know you can follow.
Learn the mistakes commonly made and don't repeat them or you could be in trouble.
As a client, you need to know what is worth it.