Concerns
In recent years, reports in the media have raised concerns about the use of consolidation loans. The worry is that many people are tempted to consolidate unsecured debt into secured debt, usually secured against their home. Although the monthly payments can often be lower, the total amount repaid is often significantly higher due to the long period of the loan. Debt consolidation sometimes only treats the symptoms of debt and does not address the root problem. In some circumstances, snowballing debt may be a better solution.
Read more about this topic: Debt Consolidation
Famous quotes containing the word concerns:
“In common with other rural regions much of the Iowa farm lore concerns the coming of company. When the rooster crows in the doorway, or the cat licks his fur, company is on the way.”
—For the State of Iowa, U.S. public relief program (1935-1943)
“For some years now, there has been proof that the devastating effects of the traumatization of children take their inevitable toll on society—a fact that we are still forbidden to recognize. This knowledge concerns every single one of us, and—if disseminated widely enough—should lead to fundamental changes in society; above all, to a halt in the blind escalation of violence.”
—Alice Miller (20th century)
“The idea that nations should love one another, or that business concerns or marketing boards should love one another, or that a man in Portugal should love a man in Peru of whom he has never heard—it is absurd, unreal, dangerous.... The fact is we can only love what we know personally. And we cannot know much.”
—E.M. (Edward Morgan)