The Disadvantages of a debt consolidation loan * Can pay more over a longer period. * May incur additional costs for setting up the loan. * If secured, your property may be at risk. * You will be left with only one creditor - this can make it difficult to negotiate should you have further problems in repaying your loan. * If the loans you are consolidating have all the interest added at the start you may in effect be paying interest twice. The interest charged for the first loan and the interest charged for the consolidation. Share your opinion here...
