If you’re currently paying off multiple types of debt, you know that it can be overwhelming trying to juggle the different payments. After all, there’s a lot to keep track of — how much each payment is, when each one is due, interest rates… the list goes on, and only gets longer per debt. One option to remedy this is a debt consolidation loan. It’s a great option for those looking to simplify their monthly payments, but it’s not the right choice for everyone.
In this article, we’ll discuss the basics of debt consolidation, its benefits, and how to decide if it’s right for you.