Debt consolidation company prduce there add that they half cut your monthly payment of bill but what is actually happen they increase your mortgage bill higer than before.
Suppose your monthly mortgage bill payment come $7000 and your maturity period is 5 years that means you need to pay total 60 installment but when you go for the debtconsolidation company you get that your monthly bill reduce to $3500 but the maturity period increases to 15 years thatmenas you need to pay 18o installment that means your actuall payment increases many fold .If your maturity period increases than it wil affect your future investment plan your retirement plan and you are more chance of tackle unforeseen financial risk .
Refinancing is different thing than the debt consolidation because refinance help you get the advantage of reduce interest rate of the market it will increase your maturity period very less than debt consolidation programme.
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