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Before shopping for a debt consolidation loan and taking the first steps to pay down built-up debt, you should first understand what your cost will be. You may be in need of a debt consolidation loan for reasons outside your control or due to spending beyond your budget.
Either way, it is smart to be in control so you understand what your monthly costs will be. This way you can avoid any future headaches.
What does consolidation do to your monthly payments?
Your monthly payment is determined by the amount of debt you owe across differing products along with your financial standing. Before finalizing, make use of a debt consolidation calculator to find the exact number.
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Read the full article at: https://www.bankrate.com/loans/personal-loans/how-does-debt-consolidation-affect-monthly-payments/