If you have multiple sources of debt, like several credit cards or medical bills, managing all the monthly payments can be a lot of work and thats before you factor in how much interest youre paying on that debt.
However, there may be a way for you to streamline your payments and pay less in interest overall: Through debt consolidation.
What is debt consolidation?
Debt consolidation is when you take out a loan and use it to pay off multiple debts which can simplify how many payments you have to make each month. You can borrow the full amount to pay off your outstanding unsecured debt, like credit cards, medical bills and more. Then you can make one payment on your new loan until the balance is paid in full.
For instance, lets say you…
Read the full article at: https://www.usatoday.com/money/blueprint/personal-loans/debt-consolidation/