Debt consolidation is a form of money management where you pay off existing debts, like credit card debt, personal loans, or medical debt, by taking out one new loan. Usually this is possible through a debt consolidation loan, balance transfer credit card, student loan refinancing, home equity loan or a HELOC.
By consolidating your debt, you can save money in the long run if you can secure a lower interest rate or more favorable terms. However its not a one-size-fits-all solution and there are potential risks that come with consolidating debt.
Types of debt consolidation
There are multiple debt consolidation options that can make it easier to pay off high-interest student loan deb…
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