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They also probably haven’t saved for all of the “unexpected events,” which will eventually become debt too.
Debt consolidation involves combining multiple unsecured debts into one bill, which can be helpful if you’re overwhelmed by an assortment of monthly payments.It’s typically considered for people who have high consumer debt.But most of the time, after someone consolidates their debt, the debt grows back. They still don’t have a game plan to pay cash and spend less.You can’t borrow your way out of debt in the same way you can’t get out of a hole by digging out the bottom.Getting out of debt isn’t quick or easy, but it’s the first step to achieving lasting financial health. It simply means you’re taking out one loan to pay off a bunch of loans—or consolidating the debt to one payment.