75% of Americans owe debt and 51% are worried about how much they owe, according to a survey by the National Endowment for Financial Education. "For cash-strapped consumers, debt consolidation loans might seem like a quick fix to solve their money woes. But they will want to tread carefully, as new NEFE-supported research reveals ads for these loans do not give consumers a full picture of the total costs, and furthermore, these loans may cause consumers to make their financial situations even worse."
Educate yourself about DCLs and lenders in general with this short video: http://stream.fuqua.duke.edu/Content/Users/pbloom/DebtConsolidation/DebtConsolidation.html
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