Debt Consolidation can make life easier
Do you feel like your life is on hold because you’re trapped by all your debt payments? If so, you’re not alone. Consolidating your debt could be the answer you’re looking for. It can help lower your monthly payments and get you out of debt faster so you can be in the driver’s seat of your own finances. With so many ways to consolidate, there’s bound to be a solution for your unique situation.
What is debt consolidation?
Debt consolidation is the process of combining your debts into one loan with a lower interest rate. Instead of having multiple debt payments each month, you’ll only have one. This simplifies your bill-paying process each month plus reduces the total amount you owe to your creditors.
- Consolidating Debt
- Replacing several debts or loans by transferring the balances to a single loan or line of credit, usually at a better rate. (Debt consolidation loans... <a href='/glossary/what-is-consolidating-debt' title='See the full definition of Consolidating Debt'>read more</a>
- What is Debt?
- Money that is owed to an individual or institution. Credit card balances, mortgages, auto loans and personal loans are all examples of debt. <a href='/glossary/what-is-debt' title='See the full definition of What is Debt?'>read more</a>
- Revolving Debt
- Open-ended accounts, usually with variable interest rates, pre-determined credit limits and payments that are calculated as a percentage of the unpaid... <a href='/glossary/what-is-revolving-debt' title='See the full definition of Revolving Debt'>read more</a>
- What is a Debt Consolidation Loan?
- A single loan that replaces several other loans, making it easier to manage the debt. The new loan should have more favorable terms than the accounts... <a href='/glossary/what-is-debt-consolidation-loan' title='See the full definition of What is a Debt Consolidation Loan?'>read more</a>