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Many people choose debt consolidation to simplify multiple bills but often end up with higher interest rates. Taking out a second mortgage or unsecured loan can lead to financial pitfalls. Storefront debt consolidation options can have interest rates as high as 26%. Despite consolidating debt, many individuals continue overspending and don't budget, resulting in further debt. Changing spending habits is crucial to avoid ongoing financial struggles. Borrowing more money does not solve the root issue of overspending.