Every borrowers situation is different, but the steps to evaluate whether a debt consolidation loan is right for you and to apply for one are largely the same. Heres what to do if youre considering this financial move.
Evaluate Your Debt Situation
Whether debt consolidation is the best move for you depends on the type of debt you have, your interest rates and your overall financial health. Typically, debt consolidation loans are used for unsecured debts, like student loans and credit cards. Because there are fees associated with creating a new loan, consolidation makes the most sense when there are large balances that would take years to repay; otherwise, you could just pay off your creditors in a short time without any extra charges.
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Read the full article at: https://www.marketwatch.com/guides/personal-loans/how-to-qualify-for-a-debt-consolidation-loan/