If you consolidate your debt, you’ll have just one new loan with a lower interest rate. Finance charges from credit cards or other debt can accumulate quickly if you have multiple accounts.
Consolidating debt may eliminate excess fees, which can help you attack the principal balance faster. Yes, making the minimum payments will help avoid missed or late payments but it could potentially take you a decade to pay off that balance.
Using a consolidation loan to pay off debt with collection agencies can get them off your back.
The stakes are even higher when you have unpaid taxes.
If you’ve exhausted all these options, it may be time to consider a student loan.
Click here to view the best debt consolidation loans for 2018 Your interest rates are through the roof.
Consolidating high-interest debt, such as credit cards and payday loans, with low-interest products like a personal loan or balance transfer card can give you financial relief.
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