By understanding how consolidating your debt benefits you, you’ll be in a better position to decide if it is the right option for you.
Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you.
Consolidating multiple debts means you’ll have a single monthly payment, but it may not reduce or pay your debt off sooner.
The specifics of how debt consolidation works will vary by the type of debt you have and the method you choose.
While consolidating debt certainly has merits, it is not the right choice for every individual.
It is also not a fit if you do not have a consistent source of income that more than covers your monthly payment.
Finally, bad credit can keep you from getting a good interest rate, which negates the main purpose of a debt consolidation loan.
Consolidated credit companies are another name for credit counseling agencies.
They advise consumers on budgeting and discuss options available for eliminating debt.
Consolidating multiple credit accounts into one new loan with a single payment may help you lower your overall monthly expenses, increase your cash flow, and eliminate the stress of multiple monthly payments.
When you're choosing the term of a loan, consider the total amount of interest and fees you’ll pay.
Get free debt consolidation help, online, or over the phone.