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Debt Reduction

Debt Consolidation and Tattoo Coverups

The story recounts a friend’s decision to cover an old tattoo with a new, larger one, drawing a parallel with debt consolidation. While covering up the tattoo doesn’t remove its existence, the same applies to debt consolidation—it merely combines debts into one, larger sum. If the irresponsible spending continues, the debt, much like the tattoo, becomes larger. The author advises users of debt consolidation loans to have a repayment plan and to avoid treating the loan as a cure-all or using it too frequently.

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