Debt consolidation through a personal loan can be an effective strategy to pay down existing debt; however, these four types of debt consolidation loan options are not ideal and should be avoided. (iStock)
Many Americans are faced with the personal finance challenge of overcoming student loan debt, credit card debt, and mortgage debt; so much so that some believe they may never be able to fully pay down their debt. Even if you have a significant balance across multiple loans, a personal loan allows you to pay down debt affordably and responsibly.
Whenever you’re considering taking out a personal loan whether it’s to consolidate debt or help with a home renovation, utilize Credible’s free online tools to compare rates and lenders…
Read the full article at: https://www.foxbusiness.com/money/debt-consolidation-loans-to-avoid