Debt Consolidation
If you’re struggling with several large debts, debt consolidation could be the solution to help get your finances back on track.
Debt consolidation loans allow you to transfer account balances from multiple credit cards or installment loans into a single loan to make a single monthly payment. For this to be beneficial, the repayment period for paying of the consolidation loan should be shorter than what it would be for your existing debts without the loan and the interest your pay should be less over the life of the loan. In most cases, a debt consolidation loan may look like the best route; however, it’s important to understand the impact on your full financial picture.