Debt consolidation gathers debt from multiple sources and puts it in one place, which simplifies paying off what you owe. Consolidation can also allow you to reduce the interest rate or total amount of your debt.
Most of us manage many forms of debt simultaneously, keeping track of due dates and balancing interest rates to avoid late fees or a bruised credit score. But one lump sum means one lender, one due date, one interest rate, and one set of login credentials. It can be a strategic personal finance move in the long run as long as its done right.
Heres everything you need to know about debt consolidation and whether its right for you.
What is debt consolidation?
Debt consolidation is an umbrella term for programs that turn multipl…
Read the full article at: https://money.com/understanding-debt-consolidation/
