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Debt consolidation can help you repay your current debt, but it won’t prevent you from taking on more debt.Try to not take on any more loans, to prevent the debt spiral from beginning again.The goal of debt consolidation is to make managing your debt repayments simpler and to save you money through lower interest rates, and reduced fees and other charges that come from reducing multiple credit accounts to one.
A good rule of thumb is: debt consolidation is not a good option if your debt is more than 50 percent of your income.
Lower monthly repayment If you’ve been struggling to keep up with your multiple repayments each month, you may be wondering how combining those debts will make your repayments more affordable.
Well, when you have a consolidation loan, your repayments are negotiated and set over a term, which is usually five years.
If you have any questions after reading this article, speak to one of the experts for free advice on whether debt consolidation may be a good debt solution for you.
Debt consolidation can take many forms, including a personal loan, a balance-transfer credit card, a home equity line of credit (HELOC) and a debt management plan, among others.
While the application and establishment fees are unavoidable and expected, it pays to be wary of accruing late payment fees, as this could potentially set you back hundreds of dollars.