What Is Debt Consolidation, and Should I Consolidate?
Debt Consolidation ; Do you have considerable credit card debt, car loan, medical bills, or even student loans? Keeping your head above the water becomes hard when you are stuck in such debts. Faced with such, you might explore various options to get yourself debt free. Consider consolidating all your debts to pay them faster, improve your credit score, get lower interest rates, or even reduce the stress of paying off multiple debts at multiple interest rates. But, what is debt consolidation, and should I consolidate? What Is Debt Consolidation? Debt consolidation is a financial strategy combining multiple high-interest debts into a single, lower-interest one. The idea is to reduce the burden of multiple monthly payments and interest charges by consolidating them into a single payment. This can be done by taking out a new loan or using a balance transfer credit card. This strategy will reorganize and reduce the total debt to ensure that you settle your debt faster. ...