You’ve probably heard that debt consolidation can help you get control of your money and reduce your overall debt. And you probably know that you can finance it yourself, without using a professional debt consolidation company. But is that the right move for you? That depends on your personal situation, but, in most cases, it’s a smart choice if: you have equity in your home
Take Advantage of a High Credit Score
Having good credit has certain advantages. Aside from making it possible to get the best rate on mortgages and auto loans, persons with excellent credit may also qualify for a debt consolidation personal loan. Getting approved for a personal loan is difficult. For the most part, banks set the standards very high. To avoid the risk of losing money, many financial institutions only approve these loans to persons with credit scores above 720.
The Keys To A Good Debt Consolidation Loan
For a debt consolidation loan to work, you need to be paying a lower rate on your new loan. Another factor is that the payment schedule is for the same or shorter period as the original loans. And the final key is to not lose potential savings by paying...
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