Consolidating multiple loans means you'll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner.
By understanding how consolidating your debt benefits you, you'll be in a better position to decide if it is the right option for you.
If you need help getting out of debt, you are not alone.
Although signs show an upturn in the economy, many Americans are deep in debt, and not everyone can work overtime or a second job to pay down that debt.
A loan with a longer term may have a lower monthly payment, but it can also significantly increase how much you pay over the life of the loan.
View the Total Cost of Borrowing Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you.
If you're ready to take control of your credit card debt, one thing is certain: you're not alone.
When done correctly, debt consolidation can: There are several ways to consolidate debt, depending on how much you owe.
Which strategy will ultimately be the best choice for you depends on your own circumstances, and we can’t tell you what to do.
Getting a consolidation loan can do more than pay off debt.
Also, in some cases, the consolidation loan interest rate may be lower than the cards' interest rates.
This sometimes results in savings that may help a responsible borrower pay back credit card debt faster.