RICHMOND, Va. (WWBT) – Today we take a look at the ins and outs of debt consolidation.
Debt consolidation is taking out a loan to pay off all your creditors– so you only have one payment to do with.
This might help your credit over time and just gives you one big payment instead of several smaller ones at different times during the month.
Debt management plans are where you pay a company to negotiate with your creditors to pay less or forgive some of the debt.
You might also consolidate all the debt into one eventual payment.
But financial coach with the Virginia Credit Union- Cherry Dale says there are a few things to keep in mind if you go this route. Usually youre going to be charged to do that from the debt management c…
Read the full article at: https://www.nbc12.com/2020/10/30/debt-consolidation-vs-debt-management/
