When your personal finances teeter on the brink, your first instinct might be to do something drastic. Freeze your credit cards in a block of ice. Vow to never eat out again. Forgo your Netflix subscription.
These tactics may help, but financial experts say paying off debt requires a more comprehensive plan. One common strategy is debt consolidation, rolling multiple debts into a single loan or credit card at a lower interest rate.
Consolidating debt into one spot can be empowering and helpful from a psychological standpoint because it feels manageable, says Mathew Isaac, associate professor of marketing at Seattle Universitys Albers School of Business and Economics.
But debt consolidation i…
Read the full article at: http://www.seattletimes.com/business/4-keys-to-successful-debt-consolidation/
