Recent data from the Federal Reserve reported that total household debt hit 17.05 trillion in the first quarter of 2023. If you are one of the Americans that has been impacted by growing inflation and thus increased debt, consolidating can be a good financial move. Though debt consolidation is not a cure-all and may not be the best choice for every type of debt you may have.
Primarily, debt consolidation can be used for credit card, medical or student debt. Consider how to take advantage of this process and the requirements that accompany it.
What is a debt consolidation loan?
A type of loan that combines several different debts into one. This way you only have to manage one payment each month, reducing the cost.
Debt consolidat…
Read the full article at: https://www.bankrate.com/loans/personal-loans/what-can-i-use-a-debt-consolidation-loan-for/