If you’re in debt, you may have asked yourself: “Is debt consolidation a good idea?” In this post we’ll help you answer that question by explaining how a debt consolidation loan works, what the alternatives are, and describing when debt consolidation can help you and when it will not. You need all the information in order to make the best decision, so that you can turn your finances around as quickly and painlessly as possible. It’s a loan that allows you to pay off your current debts with a new loan that has different terms (usually from a different lender) than your current loans or credit cards.
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That can lead to a domino effect where you miss payments, your interest rates get raised, and then you can’t stay above water.
A consolidation loan can sometimes lower your monthly payment, and that can give you enough breathing room to get back on track.
Take a look at the details below to decide if this option is right for you.
Before discussing the benefits and drawbacks of using a HELOC to consolidate your credit card debt, it’s important to understand the ins and outs of this financial product.
All examples are hypothetical and are for illustrative purposes.
We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Then change the consolidated loan amount, term or rate to create a loan that will work within your budget.