What Is Debt Consolidation, and Should I Consolidate?

Author: External Author | | Categories: Credit Card Issues , Credit Forgiveness , Credit Help , Credit Relief , Credit Repair , Credit Restoration , Financial Hardship , Money Problems


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.

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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