37 - What's The Right Way To Consolidate Debt?

So you’ve got a bunch of debts.  You owe money on three different credit cards, and a payday loan, and you still owe some money on an old cellphone bill.  You’ve got a job, and you’ve got money coming in every month, but it’s hard to juggle five different debt payments every month, all on different days, in addition to all of your regular bills.

Wouldn’t it be great to consolidate all of your debts into one monthly payment? 

No more juggling your paycheque to make a bunch of payments every month; you would just have one easy monthly payment.

Sounds great, right?

Debt consolidation does sound great, and in some cases it is a good idea.  Other times, not so much.   On today’s show Mark Moreau explains how you can use the equity in your home to consolidate your debts, and he explains why it may or may not be a good idea.