It makes payments simpler and potentially gets you a lower interest rate.
This is a possible solution for anyonestruggling with debt.
Heres more on what you gotta know.
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What Is Debt Consolidation?
Debt consolidation is a financial strategy that combines outstanding debt to make it easier to make payments.
A consolidation loan is a common avenue.
How Do Debt Consolidation Programs Work?
Some consolidation plans include management support and debt settlement but it depends on your financial situation.
The first is a credit card balance transfer.
Some may be at lower interest rates than others.
The third kind of consolidation loan is a home equity loan.
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Benefits of Debt Consolidation Programs
Debt consolidation programs do have downsides.
Before you apply, remember your financial situation and credit will matter.
Youll need to have pay stubs, a photo ID and potentially other documentation to apply.
Its necessary to vet the programs and check their terms and benefits before agreeing.
Scams are abundant online, so your top tip is going to be to check reviews thoroughly.
Even better, ask your banker or lender for a referral.
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