Consolidating debt a
Consolidating multiple loans means you'll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner.By understanding how consolidating your debt benefits you, you'll be in a better position to decide if it is the right option for you.But the truth is the debt is still there, as are the habits that caused it—you just moved it!
There are many ways to consolidate your credit card and other debt, such as with a 0% APR credit card, a home equity loan or a personal loan.
While consolidating debt often sounds like a promising solution, this could make your situation worse.
Consolidating debt usually involves taking out new credit to pay off existing credit.
Ideally, that new debt has a lower interest rate that makes payments more manageable or lets borrowers pay off the total more quickly.
Many people try debt consolidation, but not all emerge better off.