What is debt consolidation?
Debt consolidation is obtaining a new, lower-interest loan to pay off and settle all of your smaller loans, bills, or outstanding debts that are collecting interest.
A debt consolidation loan brings all these debts together to form one combined loan that has a single monthly payment, commonly referred to as "consolidation."
Technically speaking, combining many small loans and merging them to into one loan would be impossible, because of their difference in interest rates, combined with their terms of payments.
Therefore, to consolidate these debts into one, single debt, you should take out larger loan and pay off these smaller debts with it. These debts include credit card debt balances, bills, payday loans, or overdraft balances.
You can get the debt consolidation loans from your bank or finance company, as well as credit unions.
The benefits of a Debt Consolidation Loan
- Simplifying your finances
- Saving money by minimizing the interest rates
- Making life more manageable with smaller monthly payments
- Paying off your debt faster
We are ready to advise and help you plan your finances to get the most out of your budget to ensure that you're able to move your debt to a lower interest rate so you pay less in the long term.
A 15 minute phone call will help you make a decision on the best plan of action for consolidating your debt.
Find out if a debt consolidation loan is the right thing for you.
Call 1-844-518-8602 today.