Avoiding the Common Pitfalls of Debt Consolidation

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Episode 2811:

Miranda Marquit of GoodFinancialCents.com outlines the critical mistakes to avoid when consolidating debt, such as misusing newly available credit and not changing spending habits. Her advice helps ensure debt consolidation serves as a pathway to financial stability rather than a setback.

Read along with the original article(s) here: https://www.goodfinancialcents.com/avoid-pitfalls-of-debt-consolidation/

Quotes to ponder:

"Debt isn’t the problem; it’s a symptom of your spending problem."

"Don’t use your freed-up lines of credit unless you are done paying off your debt consolidation loan, and your spending is under control."

"Missteps, such as falling back into old spending habits or mistaking settlement for consolidation, can exacerbate financial woes."

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