While it’s not as drastic as debt settlement or debt management, debt consolidation has its own pitfalls that you need to be aware of.If you need help educating yourself on your debt consolidation options, you can start with the section titled “What is Debt Consolidation?This will allow you to make one payment and sometimes will result in lower payments.Warning: Many zero-percent or low-interest credit card offers only last for a limited amount of time.Then you’ll only have one monthly payment: the loan, the credit card or the debt management plan.
You can also reach out to your individual creditors to see if they will agree to lower your payments.
Debt consolidation lets you roll several debts into one loan with a lower interest rate and longer payment term.
That means you’ll pay less each month to just one lender instead of many.
” If you already know debt consolidation is the right path for you, here is a preview of the best debt consolidation loans revealed by my research: Next, I’ll dive into more detail on each company.
I’ll later describe my methodology for choosing these three companies as the best debt consolidation loans online.