There is Risk in Everything
There really is some sort of risk in everything you do. You ride
a bike – you could get hurt. You eat a meal – you could choke.
You invest in a business and it could go belly up. These are the
facts of life – and anything worth having or doing usually
involves some kind of risk. Heck, even sitting on your couch
watching TV all day gives you the risk of getting fat and not
being healthy.
Obviously some things involve more risk – like rock climbing or
parachuting out of a plane, but there are certain people who
thrive on that. But some things are worth the small amount of
risk that comes with them; like a debt consolidation. Is a debt
consolidation risky? Somewhat, yes, but for the most part the
amount of risk is very low compared to doing nothing about your
debt.
Is there a chance that your credit score will be hurt by taking
out a debt consolidation? Yes, but that risk can be minimized.
If you take out the debt consolidation and then get rid of your
credit cards, etc. you will then only have one bill. If you keep
all of the credit cards, now you will have the new debt plus the
free amounts on your credit cards – which will now make you look
like you are a risk and they will drop your score. If you rack
those cards back up in addition to the debt consolidation, then
your credit is going to be really bad because now you have a lot
of debt.
But the risk is that you don’t act responsibly with your credit
cards. You might say to yourself that you are going to be good
this time – but chances are you won’t be. Get rid of the
temptation now before it becomes a real problem for you and you
take on way more debt than you could possibly ever handle.
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