Consolidating loans with your spouse
Most of the time, after someone consolidates their debt, the debt grows back. They don’t have a game plan to pay cash and spend less.
In other words, they haven’t established good money habits for staying out of debt and building wealth.
You don’t need debt rearrangement—you need debt reformation.The debt includes a two-year loan for ,000 at 12% and a four-year loan for ,000 at 10%.Your monthly payment on the first loan is 7, and the payment on the second is 3. If you make monthly payments on them, you will be out of debt in 41 months and have paid a total of ,821.So basically, your debt would go from ,000 to ,000–60,000.If that’s not bad enough, fraudulent debt settlement companies often tell customers to stop making payments on their debts and instead pay the company.
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Debt settlement companies also charge a fee for their "service." Often, the fee is anywhere from 15–20% of your debt.