What Is a Debt Consolidation Loan?
A debt consolidation loan is exactly what it sounds like. It’s a loan that consolidates, or combines, your debts under a single account. Some potential benefits of debt consolidation include:
- Potentially lower interest rates, especially if you now have the credit score to consolidate high-interest loans under better terms.
- A single payment, making it easier to manage your finances.
- Your debt possibly spreading out over a greater amount of time, making each monthly payment more affordable.
How Can I Get a Debt Consolidation Loan?
Your options depend on your credit, existing assets and how much debt you want to consolidate. Learn more about a few common debt consolidation loan options below.