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Why debt consolidation, alone, might not get you out of debt

As we discussed in a post last week, if you are experiencing serious debt problems, you are probably considering one of a few options, including debt consolidation.

Many people believe that debt consolidation is the answer to their problems because it combines all forms of debt into one affordable payment, while avoiding bankruptcy. People believe that with one easy payment, their debts will eventually be paid off.

The problem is that it doesn’t always work that way, and consolidating your debt can actually cause your debt problem to get worse, as an article from The Huffington Post explains.

The reason why debt consolidation often fails is because it doesn't address your true money problem, which is usually spending more than you bring in. Therefore, debt consolidation doesn’t fix the underlying problem of overspending, and your debt problems only get worse.

So what’s a better solution? A better solution is one that teaches you how to get back on track financially by changing your habits. Maybe it involves debt consolidation, but it also has to involve credit counseling.

Credit counseling offers people who have had debt problems in the past an education on how to avoid the problems in the future. It also involves learning how to budget and plan for emergencies that may come up in life so that you can be financially prepared.

Ultimately, at our firm, we do more than place a band-aid over our clients’ debt problems. We work with them to help them find the best possible solution to meet their individual needs, and then provide them with services such as credit counseling to help them stay on track financially.

If you would like to know more about our Milwaukee firm or getting out of debt once and for all, visit our website.  

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