Debt consolidation through a personal loan makes sense if you can qualify for a new loan at a lower rate and you have a plan to pay off what you owe. (iStock)
Owing money can be a huge financial burdenand it can also be logistically difficult to keep up with multiple creditors if you have several different loans outstanding. If you’re tired of sending in multiple monthly payments, debt consolidation through a personal loan could be the solution you’re looking for.
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When you consolidate debt in this way, you take out a loan from a bank, credit union, or online lender. You’ll use the loan proceeds to pay off some or all of your existing debts, depending on how large your loan balance is and how much you o…
Read the full article at: https://www.foxbusiness.com/money/should-i-use-personal-loan-consolidate-debt
