Sunday, June 22, 2008

Black Money, Black Wealth: The Dangers of Debt Consolidation

Fred Harteis News Articles - Debts and debt consolidation strategies go together in the economy like peanut butter and jelly. You don't need a financial planner to comprehend the basic logic: Combining multiple payments into a single monthly check lowers interest rates and can positively impact your FICO score.

"It's easier to take on the 1,000-pound gorilla who comes to the front door as opposed to 20, 50-pound gorillas pouring in through separate doors and windows," says Boyce Watkins, author of "Financial Love-Making 101: Merge Assets With Your Partner in Ways That Feel Good," and a professor who teaches personal finance planning. "Psychologically, consolidation is very comforting."

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