What are the risks associated with debt consolidation loans?
An example of an AI chatbot conversation about the risks of debt consolidation loans.
What are the risks associated with debt consolidation loans?
Debt consolidation loans can simplify payments, but they also come with risks like higher interest rates and fees.
Can you explain how a higher interest rate could affect me?
A higher interest rate means you'll pay more over time, potentially negating the benefits of consolidating your debt.
What if I can't keep up with the payments?
If you miss payments, it could lead to more debt, damage your credit score, and result in additional fees.
Are there alternatives to debt consolidation loans?
Yes, alternatives include credit counseling, debt management plans, and negotiating directly with creditors.
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