Debt consolidation is a form of debt restructuring that allows you to take out a single loan to pay off multiple others. (Old Mutual)
Consolidating debts into a single loan can help you streamline your finances, but that approach will not be a quick fix to some of the underlying financial habits that is the cause of your debts.
“It can be difficult to keep track and keep up with payments on credit cards, store accounts, personal loans and when it gets overwhelming, it might be the right time to think about debt consolidation. For this reason, it is important to understand when it is a good idea to consider consolidation as your solution,” says CEO of Old Mutual Finance Andre Keller.
In simple terms, debt consolidation is a form of …
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