Key takeaways
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Debt consolidation loans take multiple streams of debt and combine them into one loan with a fixed, monthly payment.
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Only consider a debt consolidation loan if youre offered a lower interest rate than what you were offered with your previous loans.
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Debt consolidation loans can help you stay on top of your debt payments only if you can feasibly make the monthly payments, both now and in the future.
Debt consolidation is when you roll multiple debts into one loan with one monthly payment and, hopefully, a lower interest rate. This can help you stay organized and save money, especially if you have a pile of high-interest debt, such as credit card debt.
Not all debt consolidation loans are the same, though. Understa…
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