Taking a loan out for the purpose of paying down or paying off debt, is only a temporary solution to a major problem. All too often a "quick fix" loan will result in costing you more money in the long run. Over the years, statistics have shown that 1/3 of people in the United States who take out a loan to pay off debt end up charging their way right back up to where they were in less than two years.

Consider the following example. Mr. & Mrs. O. Ver`limit have approximately $10,000 outstanding in credit card bills. During the last few months, they have noticed that the minimum payments they are making are not decreasing the balances at all. The decision is made to apply for a loan in the same amount owed and "wipe out" the debt once and for all. The loan is granted and the debt is paid off. However Mr. & Mrs. O. Ver`limit are in the same financial position as they were prior to applying for the loan with one major difference, all of their credit cards have zero balances.

Gradually they begin to use their cards once again. With the minimum payment for the loan coming due each month and the credit card bills starting to "roll in" again, they start the credit card cycle all over. Before too long, they are right back where they started when the loan was originally granted. But this time the total amount owed is nearly doubled. Month after month it gets tougher to stay current with all of the bills coming in. Unfortunately, they are left with few choices in this situation. Most likely the only option at this point would be to seek counsel and look into the possibility of bankruptcy protection.

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