Debt Consolidation puts you in the driver’s seat with repaying your loans. It can let you reduce your monthly payments, spread out or shorten the amount of time it takes to pay off your loan, or reduce the amount of interest you pay. First, figure out what type of Debt Consolidation is right for you. Then use our Debt Consolidation Calculator to figure out how to get the results you want.
What Is Debt Consolidation?
Look in your wallet. If you’re a typical American you’ll probably find a MasterCard, a Visa card, a couple of store cards, some gas cards and a debit card from a company like American Express or Diners Club. You make monthly payments on each of these. And unless you pay off the balance in full, you’re paying interest on them as well, often at a high rate. Now imagine all those cards paid off in full and that debt transferred into a single loan tailor-made to fit your needs – whether it’s low payments, saving money on interest payments, or getting rid of that debt fast. That’s Debt Consolidation.
Debt Consolidation can help if your current debt burden is too heavy for you – allowing you to reduce your monthly payments. But you don’t need to be struggling with payments in order to benefit from debt consolidation. Just about anyone can benefit from paying less interest or getting rid of those financial obligations a little faster. So no matter what shape you’re in financially, you should consider the benefits of debt consolidation.