WHEN IS DEBT CONSOLIDATION A GOOD OPTION?
Debt consolidation is combining all debts into one single new loan with a single monthly payment. It allows you to reduce the amount of money you have to pay each month. Because you will have only one payment to worry about, it is easier for you to pay off debt and get out of it faster. Also, you are able to secure a low-interest rate on all your debt combined.A debt consolidation loan is not that complicated because of the below reasons;
• A debt consolidation loan is offered to you based on your credit score; it’s an unsecured loan and so you need not put any collateral to get it.
• You’ll have a qualified counselor handling everything associated with the debt consolidation loan.
• You’ll get valuable financial advice from the counselor who will set up a consolidated lower monthly payment for you.