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People often turn to debt consolidation by taking out a second mortgage on their house or getting an unsecured loan to pay off multiple bills. However, this may lead to paying high interest rates of up to 26%. While consolidating debt may seem easier with just one payment, it does not solve the root issue of overspending and lack of budgeting. In fact, 88% of people who consolidate debt continue to overspend and accumulate more debt. Borrowing more money is not the solution to debt problems.