Lending is one of the easiest ways to consolidate all your debt as long as you have a credit score, history and income to support the loan amount you are requesting.
If you are able to get a loan to consolidate all of your debt into 1 payment and at a lower interest rate this would be a good way to go. The one payment makes it easier to create a budget, plan and forecast the payment and at a lower interest rate help you to save some money.
There are still some draw backs to this method. The first is if you only make the minimum monthly payment you could be paying on this debt for years and the only one financially benefiting would be the credit card company. The second thing that happens is that consumers don’t close the credit cards after paying them off and after a short period of time start using them again for a quick purchase or worse for an emergency situation. Before you realize it your credit cards are adding back up on top of the loan.
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