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They also probably haven’t saved for all of the “unexpected events,” which will eventually become debt too.

In other words, the good money habits for staying out of debt and building wealth aren’t there—their behavior hasn’t changed—so it’s extremely likely they will go right back into debt.

You can’t borrow your way out of debt in the same way you can’t get out of a hole by digging out the bottom.

Getting out of debt isn’t quick or easy, but it’s the first step to achieving lasting financial health. It simply means you’re taking out one loan to pay off a bunch of loans—or consolidating the debt to one payment.

Debt consolidation seems appealing because, in most cases, there’s a lower interest rate on parts of the debt, and it usually includes a lower payment.

But, in almost every case, the lower payment exists because the term gets extended, not because the debt is less.

Your monthly payment on the first loan is 7, and the payment on the second one is 3. The debt consolidation company says they can lower your payment to 0 per month and your interest rate to 9% by negotiating with your creditors and rolling the loans together into one. Who wouldn’t want to pay 0 less per month in payments?

Government debt consolidation loan programs usually provide the borrower with four plans, namely the standard plan, extended payment plan, graduated payment plan and income contingent repayment plan.

Each of these plans is meant to suit different types of borrowers, each with his or her own unique needs.

So if you stay in debt longer, you get a lower payment, but then you pay the lender more.

Even worse, in some cases the interest rate is actually higher, meaning that you’re paying even more in the long term.

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