A debt consolidation loan can help you streamline debt repayment. (iStock)
If your personal finance goals include paying off outstanding debt, consolidation is one solution to consider. A debt consolidation loan allows you to combine credit card debt and other types of debt into a single personal loan.
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While you could open a 0% APR balance transfer credit card to manage debt, consolidating with personal loans can yield some advantages. For example, you can exchange a variable interest rate on credit card debt for a fixed interest rate. Reducing your interest rate can save you money over time. And when more of your monthly payment goes toward the principal, it’s possible to pay down debt faster.
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