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If Someone is Planning on a Debt Consolidation Loan for Debt Relief this New Year, Read these Tips from American Financial Solutions on What to Avoid   By PRWEB

Seattle, WA (PRWEB) January 29, 2013

The beginning of every New Year brings on the hope and plan of people whose resolution is to get out of debt. From commercials on television to advertisements in the mail, there is an increase in the number of banks and credit unions encouraging debt consolidation loans to help people make multiple payments more manageable. While these streamlining loans may be genuinely beneficial for some, it is important to know how these loans can help finances or lead to additional debt distress. Below, American Financial Solutions outlines important items to consider in a consolidation loan.

When to consider the loan

A debt consolidation loan may be a tempting option if someone has a difficult time organizing multiple bill payments each month. The loan may also be appealing for people who cannot keep on top of bills and loan repayments due to financial reasons.