Instead of falling behind, you should look for an alternative that refinances your debt over a longer term. (Shutterstock)
Debt consolidation is often associated with emails that land in your spam. But in reality debt consolidation, when offered by a reliable bank or specialised company, is a good financial tool that can help eliminate high-interest debt, and get you back on track financially.
So when should you seek debt consolidation? It could be right for you if you have multiple loans with varying high interest rates and payments and you feel like youre not keeping up with the payments for those loans or credit card balances.
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Read the full article at: https://www.albawaba.com/business/debt-consolidation-how-do-it-and-traps-avoid-1120266