RE: Debt Consolidation is Bad

I have to admit that I'm not familiar with the concept of loan consolidation. It probably exists around me, but I've never heard of it. However, I'm well aware of the potential pitfalls that such a practice can represent.

In general, I find it problematic that loans have become so accessible, to the point where it's easy to get one to buy a simple phone, allowing everyone to own the latest model.

I'm puzzled by this trend. I'm not criticizing those who take out loans - sometimes there's no other choice, and I understand that. What I don't get is the idea of going into debt just to buy the latest gadget. That's beyond me. And then, the idea of consolidating these debts? That seems excessive to me.

Again, I'm not here to judge anyone. But I do want to stress the importance of caution when it comes to debt.

It's best to avoid them as much as possible and, if you have them, to pay them off as quickly as possible!