Taking Out A Loan Is NOT How To Get Out Of Debt


In my last two blogs I have talked about ads that annoyed me. Ads encouraging people to file for bankruptcy and to buy a brand new car with no down payment and an awful credit score. Now I’m going to talk about one more.

The previous two ads were on the radio and tv. This one is on the website of a major bank (that should show you how people who want you to get in and stay in debt are coming to you from every way possible). This ad literally says you can reduce your debt by taking out a loan. Huh? Reduce your debt by taking out a loan? That’s like saying, “Get out of that hole you’ve dug by buying a bigger shovel.”

Regardless of the ads you hear and what your broke friends and relatives may tell you, you can’t get out of debt by borrowing more money. Even if they make it sound easy by saying you can consolidate all of your loans into one payment, you are not saving money. Oh, sure, you may have a lower monthly payment. But you’ll pay more over the long run. A WHOLE lot more. The only people who benefit with bill consolidations are the people loaning out the money. They don’t care about you. They don’t have your best interest at heart. It’s a scam. Look at what they first three letters of the word consolidation spell – CON. Just a coincidence? Probably not.

Getting out of debt is not easy or fun, but it can be done. Millions have. But it’s not a quick, easy fix. It takes time and determination. Don’t listen to con artists. Do it the old fashioned way. Stop digging, put the shovel down and climb out of the hole you’ve dug.