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Debt consolidation is a common practice where individuals combine multiple bills into one payment, often through a second mortgage on their house or a high-interest loan. While it may simplify payments, it does not address the root cause of overspending and not budgeting. In fact, 88% of people who consolidate debt continue the pattern of going further into debt due to unchanged spending habits. Borrowing to pay off debt does not solve the underlying issue of financial irresponsibility.
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