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The other big danger of using a home loan to consolidate your debt is the risk of losing your home if you default.
For people who are in danger of defaulting on their loan repayments, Penwarden says debt consolidation may be their only option.
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So you score by using your home loan only if you use it wisely – and the same can be said for debt consolidation loans.
People who apply for a debt consolidation loan are either already financially stressed or in danger of going that way.
And too many mistakenly expect debt consolidation to be a panacea for all their ills – when it’s more like putting a plaster on a serious wound. While that is true, it’s also true that there are savvy ways to deal with debt.
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Critics of debt consolidation say it’s a “con” because it dupes you into thinking you’ve done something about your debt.