Consolidating personal debt


consolidating personal debt-25

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Consolidation just means that the monthly payments from your creditors will be consolidated into one payment to one lender.

Basically you can't just borrow your way out of debt, you must pay it off.

If you find yourself deep in debt, the options for digging yourself out can seem overwhelming.

It is easy to fall prey to debt solutions that can put you in an even worse position.

A consolidation loan should only be considered if the interest rate is less than all the credit you owe AND you close out all of the accounts you paid off.