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Even one late payment will have a negative impact on your credit scores.
Before entering into any debt consolidation plan, research the offer to make sure that the company is reputable and that you fully understand the terms and implications of the program.
If you are approved for a personal loan, your required minimum payment might fall to 0/month over a 5-year repayment schedule.
If you continue making the same 0 monthly payments, 0 will be applied to the personal loan principal, helping you get out of debt sooner.
As you reduce the interest rate, you also reduce the required minimum monthly payment.
For example, let’s assume that you have existing debt payments totaling 0/month.
For these reasons, taking out a personal loan to consolidate higher interest debt can often be very beneficial.
With a personal loan (also called a debt consolidation loan), you borrow a fixed amount of money for a specified period of time (usually 3-7 years).
The loan can be used to eliminate existing credit card debt, leaving only the personal loan to be repaid.
Consolidating debt with a loan could reduce your monthly payments and provide near term relief, but a lengthier term could mean paying more in total interest.
When people mention debt consolidation, they are usually referring to one of two different methods.