Debt consolidation is the process of combining multiple debts into one. Typically, when you employ this strategy you take out a new lower-interest loan and use it to pay off the balances on multiple high-interest accounts.
Consolidating pricey debt into one, easy-to-manage account and payment can make sense for a lot of reasons. The most obvious plus of debt consolidation is that it has the potential to save you money. It can also help you to get out of debt faster and might even have a positive impact on your credit scores.
Thinking about simplifying your debt and (hopefully) saving money? Heres a breakdown of three of the most common types of debts you can consolidate along with the benefits of doing so.
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Read the full article at: https://www.bankrate.com/personal-finance/debt/types-of-debt-you-can-consolidate/