Debt can be hard to crawl out of, especially when payments on credit cards, consumer loans and student loans continue to pile up on top of your living expenses. Overwhelmed with a blizzard of monthly bills, many people look at consolidation as an alternative. Streamlining debts can be a useful way of managing an unyielding financial burden and lowering costs, but it’s not for everyone. Here are a few things to consider before jumping into it.
There are two major reasons to consider consolidation: to save money by getting a more favorable interest rate and to facilitate making payments on time.