The idea behind debt consolidation is simple: You take on a single, big loan to pay off all or most of your other, smaller liabilities.
Usually, there are three big reasons to do it. First, focusing on a single monthly debt payment is much easier than chasing due dates for a multitude of creditors. Second, you might be able to get a lower interest rate on your debt consolidation loan than you were paying on several of your smaller loans. Third, especially if you were able to get a lower rate, the monthly debt payment on your consolidated loan may be smaller than the sum of what you were paying before to your many creditors.
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How to…
Read the full article at: https://globalnews.ca/news/4491862/debt-consolidation-options-best-worst/
