Missteps can derail financial goals and set consumers back
Foster City, California – January 25, 2022 – “New year, new me” is resonating on social media and many consumers have made resolutions to get their finances in shape. Debt consolidation can be a vital strategy to help consumers achieve their financial goals, but if they make certain mistakes, they can end up in worse financial shape. To help people avoid this, AmOne.com, a leading personal loan site, is releasing its new report Debt Consolidation Succeed: Your Complete Guide, outlining the most common mistakes and how to avoid them.
“If you’re juggling multiple credit cards or loans, a debt consolidation plan can help you comfortably manage what you owe and work to pay it off,” says Kristin Marino, AmOne’s personal finance expert. “However, there are some mistakes you may not be aware of that can make your debt problems worse.”
Three Common Debt Consolidation Mistakes
- Believing that the debt has disappeared when it has not disappeared: People can be so relieved to see zero balances on their credit cards and other debts that they forget they still owe their consolidated loan balance – the debt just turns into another type of debt.
- Failing to address the underlying issues that created the debt: If someone is prone to overspending, a debt consolidation plan may not be a long-term solution unless behavior changes, so consumers need to focus on sticking to a budget.
- Choose the wrong solution for the financial situation: There are several debt consolidation options available and it is important to carefully research which solution offers the best solution, balancing payment term, interest rate and other factors.
AmOne’s guide outlines why people enter into debt consolidation deals and popular products consumers use – such as debt management plans, personal loans and credit card balance transfers – to manage their debts and achieve their financial goals.
“Whether you want to lower your payments, lock in a fixed interest rate, increase your credit score, or get out of debt faster, debt consolidation can be a useful tool for achieving those goals,” notes Marino. “Making an informed decision about the path you take to get there can be critical to your success.”
Marino is available to discuss the best debt consolidation strategies to get individual finances in order this year, common borrower mistakes, and how consumers can choose the best solution to settle their debts.
AmOne is owned and operated by QuinStreet, Inc. (Nasdaq: QNST), a leader in providing performance market technologies and services to the financial services and home services industries. QuinStreet is a pioneer in providing online marketplace solutions to match searchers with brands in digital media. The company is committed to providing consumers with the information and tools they need to research, find and select the products and brands that meet their needs. AmOne is a member of QuinStreet’s specialty research and publishing division.
Since 1999, AmOne has been helping consumers identify the loan or credit solutions that best suit their needs, using proprietary loan matching technology. The company also provides free credit assistance from financial matching specialists. Since its inception, AmOne’s credit assistance efforts have generated more than $4 billion in loan approvals for consumers and business owners nationwide.
Senior Manager, Public Relations