Cards Quote by Jean Chatzky
“In about one-third of credit card consolidations, within a short period of time, the cards come back out of the wallet, and in no time at all, they're charged back up. Then you're in an even worse position, because you have the credit card debt and the consolidation loan to worry about. You're in a hole that's twice as deep - and twice as steep.”
About This Quote
Source Book: Credit Card Debt Management, 2022
Consolidation can backfire, leading to deeper debt if old cards reappear and are re‑charged.
In simple terms: Debt consolidation may worsen financial strain if old cards are reused.
Key Takeaway
Avoid reactivating old credit cards after consolidation.
Themes
finance
debt
risk management
Mood
cautionary
practical
Type
financial
advisory
When to use this quote
- financial advice columns
- bank counseling
- personal finance workshops
- online forums
Key Concepts
credit behavior
loan consolidation
financial planning
consumer protection
Questions to Reflect On
- What safeguards can prevent re‑accumulating debt?
- Is consolidation the best option for your situation?
A Different Perspective
Assumes consolidation is the only solution.
![“You also need to understand that when you consolidate credit card debt into mortgage debt - like a home equity loan or a HELOC [ home equity line of credit ] - you're taking an unsecured debt and turning it into a secured debt.” quote by Jean Chatzky](https://sms4smile.com/quotes/img-quotes/e84/jean-chatzky-15313_cards_you-also-need-to-understand-that-when-yo_1363945.jpg)
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