Will Debt Consolidation Save You Money?
Debt consolidation can seem appealing with the promise of a significantly lower monthly payment and a reduced interest rate.
Before you sign on the dotted line, learn the truth about debt consolidation to find out if this strategy is right for your situation.
Debt consolidation is the process of combining all of your debts into one single debt.
What Is Debt Consolidation?
Debt consolidation can stop the ballooning interest rates and fees of a payday loan. Debt consolidation does this by paying off your balance in full with another loan.
How Does Debt Consolidation Work?
Depending on your outstanding debt, you may be able to transfer all of your outstanding debt to a 0% interest credit card if the card limit is high enough.
Zero Percent (0%) Interest Card
Another method to utilize debt consolidation is to contact a lender, usually a bank, and request a private loan.
Private Loan To Consolidate Debt
Many debt consolidation companies will handle all of the paperwork, refinancing, and debt payoffs for you as well.
Debt Consolidation Companies
Swipe up to continue reading!
to learn how to save money and invest!
Inflation is Here – 7 Simple Ways to Save Money Now
How to Save Money on a Car: 13 Tips