http://www.debtreliefinformation.com/debt/debt-consolidation/debt-consolidation-loans/ Debt consolidation loans are an excellent way to get your unsecured debts paid off. Many will tell you that debt consolidation loans just replace one set of debts with another, but they actually save you money. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 A Common Objection to Debt Consolidation Loans Are you a math major? No? Well, that's okay. Our point can be illustrated without using math. Let's say you're in debt and you're paying 14% on your student loans, 19.7% on your Visa, 13.5% on your MasterCard, and 24% on an outstanding medical bill that you're still paying off. Then you hear about debt consolidation loans. You learn that debt consolidation loans can help you pay off all those high-interest unsecured debts at once. So you're excited. Friends and family are quick to point out that you're replacing those debts with another. What they don't know about debt consolidation loans is that the interest rate is usually much, much lower than what you were paying on your unsecured debts. Sometimes it's half as much. And a lot of lenders shoot for interest rates in the single-digits. That means you could have your unsecured debts paid off in about five years with a debt consolidation loan. Objection #2: When you explain this to friends and family, they might understand, but those who don't completely understand might say that you could double or triple up on your monthly payments and have the debts paid off in five years. While that may be true, it'll sure cost you a lot more to do it that way. Just compare the interest rates above to the quotes you'll get when you research debt consolidation companies who offer debt consolidation loans. Speaking of Research..... To find a reputable debt consolidation company, start on our Related Resources page. Many of these companies have online forms you can complete and submit to get quotes on debt consolidation loans. Compare these and see what other debt consolidation services these companies offer. For example, if you don't have collateral, these companies offer other programs like online debt consolidation, credit card debt consolidation and even bad credit debt consolidation. So basically, there's no reason for you to stay stuck in your debt. Sat, 26 Jul 2008 15:00:00 EDT