Debt consolidation is one option to help you pay off debt.
However, it may not always be the best option for your financial situation. Debt consolidation involves combining several loans into one by taking out a new loan to pay off existing debt.
There are several ways to consolidate debt, each with their own special issues.
Credit card balance transfers allow you to transfer the balance of one credit card to another credit card. This option could be helpful if you transfer the balance of a high-interest credit card to a card with a lower interest rate.
Be cautious of promotional interest rates for balance transfers. These rates may be low at first, but after a short period of time they could rise higher than what you had before…
Read the full article at: https://www.richmondregister.com/community/understanding-debt-consolidation/article_70f1d29e-6149-11ee-900d-4fa496cdc5d2.html