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Debt consolidation takes multiple streams of debt and combine them into one loan with a fixed, monthly payment. Only consider a debt consolidation loan if you're offered a lower interest rate than ...
Unsecured debt, such as credit cards, student loans, medical bills and high-interest loans can all be consolidated. Debt consolidation is when you take out a new loan to pay off multiple debts and ...
In the case of a debt consolidation loan, that monthly payment will be fixed. But keep in mind that it will include added interest. Learn more: Bankrate's debt consolidation calculator.
A debt consolidation loan is best for when you have unsecured debt that you can’t pay off within a year — such as credit cards and high-interest personal loans. Loan amounts can range from ...
Using the example above, if you take out a $5,000 debt consolidation loan with a three-year term and an 11 percent fixed interest rate, you’ll pay $164 per month and $892.97 in interest over the ...
Lower interest rates: Depending on your credit score, you could find yourself paying a lower interest rate through a debt consolidation loan or credit card transfer. A lower interest rate means ...