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That translates into a lower monthly payment for you.A debt consolidation loan can take a lot of the stress out of your financial life by reducing multiple monthly payments to just one payment to a single source.You don’t need a loan to eliminate credit card debt.A debt management program consolidates all your credit card bills into one, lower monthly payment at a lower interest rate. Debt consolidation is any method of combing multiple debts into one monthly payment.The loan is used to pay off all credit card debt, leaving the borrower with a single monthly payment, interest rate and due date.The drawback is that these loans require a good credit score, which might be difficult to achieve if you are already in debt.
Banks, credit unions and online lenders offer personal loans to consolidate debt.
Many companies offer credit cards that allow you to transfer the balance on your cards to a new one with a 0% interest charge.
You must have good-to-excellent credit to qualify for one.
Because every person’s financial situation is unique, it is best to spend time examining each option and find the one that is right for you.
Here is a look at some of the good and bad sides of the seven debt consolidation options.
Debt management plans primarily consolidate credit card debt, which happens to be the most common reason to consolidate debt.