If you’re in debt, consolidation is an excellent way to get reorganized so that you can pay it off soon and avoid high interest rates and late fees. Anyone who has problems with debt management should be seriously considering consolidation. Here are some helpful hints.
Debt consolidation is likely the best way to manage large debt amounts. So many people have large amounts of credit card debt and it continues to build because they are only able to manage paying the minimum payment on the cards. The majority of that monthly payment is interest and so it is nearly impossible to get out of debt in a reasonable amount of time. Paying the monthly minimum payment can take 20 years or more to pay off a credit card, creating a deep hole for many individuals and families.
Debt consolidation is when you take smaller debts *such as credit card debts) and combine them into a larger loan. For instance, if you have 5 credit cards with a total debt of $10K that you are paying an average of 19% interest on, you can take out a consolidation loan for $10K at a lower interest rate (e.g. 12%) and pay off your loan in a set period of time, lets say 5 years. You save money...
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