With loans and credit card payments, it can be difficult to keep track of debt and expenses accurately. A person may forget to repay a loan instalment or find it difficult to manage all their dues every month. In this context, debt consolidation may be the answer. The concept allows borrowers to refinance their debts by bringing in all dues under a single loan. The move can simplify your debt burden and ensure that you have fewer bills to deal with.
As with any option, there are certain risks involved in consolidating your debt. It becomes important to know why debt consolidation may be a good choice and what are the risks surrounding the concept.
How does debt consolidation work?
Debt consolidation involves either a new loan or a bal…
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