Saw an article yesterday about how debt consolidation isn't always the magic bullet people think it is. Basically, it said that while combining debts into one payment sounds great, it doesn't always lower your interest rate or monthly payments as much as you'd expect. Plus, apparently some folks end up deeper in debt because they feel like they've got more breathing room and start spending again.
Honestly, I always thought consolidating debts was a pretty straightforward solution—like, you know, just bundle everything together and boom, problem solved. But now I'm second-guessing that. The article mentioned hidden fees and longer repayment periods that can actually cost you more in the long run.
Curious if anyone else has tried consolidating their debts and found it wasn't quite what they expected. Or maybe it worked out great for you? I'm kinda on the fence now...
