What Are Debt Consolidation Loans?
Debt consolidation loans generally refer to personal loans used to pay off other accounts, leaving you with a single monthly payment. If you have several credit card balances, for example, you can take out a debt consolidation loan to pay them off giving you a single monthly payment thats often lower than you were paying before.
In some cases, your personal loan lender will offer to pay off your creditors directly, making the process easier for you.
While a personal loan to consolidate debt may help you get your financial life under control, remember that its another form of borrowing. If you cant afford to make the new payment or if you feel like youll continue to rack up a balance on your credit c…
Read the full article at: https://www.marketwatch.com/guides/personal-loans/best-debt-consolidation-loans-for-bad-credit/