There are several reasons why we borrow money different purposes, different sources, different lenders, ending up to multiple debts and loans we need to pay for either monthly, quarterly or annually, depending on the terms and conditions the loans impose, not to mention varied interest rates on each debt. Most of the times, maintaining a number of debts makes it harder to monitor, costs more than it should have due to penalties and more stressful to upkeep. As a remedy, lenders offer debt or loan consolidation. Consolidation of debts or loans means taking out a new loan to pay off smaller debts such as credit card debt, personal loans, and student loans. In effect, proceeds from the single larger debt settle multiple smaller debts, and…
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