Between credit cards, student loans and auto loans, it can be difficult to keep track of payments and balances on outstanding debts. Consolidating these debts into a single loan may streamline your finances, but the strategy likely wont fix underlying financial challenges. For that reason, its important to understand the pros and cons of debt consolidation before committing to a new loan.
To help you decide whether debt consolidation is the right way to pay off your loans, well walk you through the advantages and disadvantages of this popular strategy.
What Is Debt Consolidation?
Debt consolidation is the process of paying off multiple debts with a new loan or balance transfer credit cardoften at a lower interest rate.
The process of co…
Read the full article at: https://www.forbes.com/advisor/personal-loans/pros-and-cons-of-debt-consolidation/
