What Is Debt Consolidation, and Should I Consolidate?
Debt consolidation rolls multiple debts, typically high-interest debt such as credit card bills, into a single payment. Debt consolidation might be a good idea for you if you can get a lower interest rate. That will help you reduce your total debt and reorganize it so you can pay it off faster.
If you’re dealing with a manageable amount of debt and just want to reorganize multiple bills with different interest rates, payments and due dates, debt consolidation is a sound approach you can tackle on your own.
Original Article Source Credits: NerdWallet, https://www.nerdwallet.com/
Article Written By Amrita Jayakumar
Original Article Posted on : September 2, 2020
Link to Original Article: https://www.nerdwallet.com/article/finance/consolidate-debt