Pros cons consolidating your debt

That means that you have various loans, and all of them have a 10-year repayment schedule. I got a lower rate and a lower payment, since my total repayment term had been extended to 25 years.

My monthly payments, all added together, ended up being right around 0 a month. Consolidation has worked well for me, and it can work well for many students, as long as you understand the risks.

If you’re one of the millions of Americans with overwhelming credit card debt, you may have looked into a credit card consolidation loan to tackle your debt.

And while a consolidation loan for credit cards can be a good option when you have a lot of bills to pay off, there are plenty of alternatives to consider. Review your current financial picture and goals with a financial advisor or specialist certified credit counselor to determine the best plan for your needs.

Much more affordable for the recent graduate trying to make ends meet.

You might pay down your debts through a balance transfer or interest rate negotiation.Page 1 of 3About one half of all American households are carrying credit card debt, with an average balance above ,000.If you’re one of them, you’re probably paying way too much interest for your debt than you should.It can decrease your time in debt allowing you to begin focusing on building wealth much sooner.It can also give you the flexibility and cash flow you may need right now to get you through a rough patch. “I will not consolidate my debt until I address the reason I got into debt to begin with.” Say it one more time.