If you have a pile of debt even if youre managing to pay the bills every month it might feel like youre not making headway on what you owe. Thats when debt consolidation can help.
Debt consolidation is when you roll multiple debts into one loan that has one monthly payment and one (hopefully lower) interest rate. This can help you stay organized and possibly save money.
What is a debt consolidation loan?
A debt consolidation loan is one way to refinance your debt. Youll apply for a loan for the amount that you owe on your existing debts, and once approved, youll use the funds to pay off your debt balances. Then youll pay down the new loan over time.
When choosing a debt consolidation loan, youll have to evaluate a few different featu…
Read the full article at: https://www.bankrate.com/loans/personal-loans/how-debt-consolidation-loans-work/
