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:
“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)
“Our ideal ... must be a language as clear as glass—the person looking out of the window knows there is glass there, but he is not concerned with it; what concerns him is what comes through from the other side.”
—Elizabeth Bowen (1899–1973)
“New inventions can and will be made; however, nothing new can be thought of that concerns moral man. Everything has already been thought and said which at best we can express in different forms and give new expressions to.”
—Johann Wolfgang Von Goethe (1749–1832)