Consolidating debt a good idea

Student loans and payday loans are serviced by companies that do not work with debt consolidation agencies.

You can still consolidate debt from other sources, but these debts will remain separate.

Debt consolidation is a way to help people whose debts are beyond their means or are so numerous that keeping track of payments is difficult. You can use a debt consolidation calculator to help determine if you’re in need of professional help.

If you are able to make larger than minimum payments or only have a couple creditors to deal with, then continuing to handle the debt on your own is still a good option.

Consider your options carefully before you take out a loan--consolidating your debts makes sense only in certain situations.

The higher the interest rate on your loan, the more you pay in the long term and the longer it will take you to pay off the debt.

If your debt is above 50 thousand dollars, it is likely that you have multiple forms of debt.


You may consider trying one of the DIY consolidation methods. Consolidating debt with a credit counseling agency or other debt relief company may not be the right choice for all consumers. Here are some details to consider if you’re wondering whether or not to seek professional consolidation help.Only debt from certain lenders qualifies for inclusion in a debt consolidation program.

Debt that is attached to collateral generally cannot be consolidated., pros and cons of debt consolidation Joe is the newest member of the Talking Cents team!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>