Chris O'Shea
Debt can be hard to handle, especially if you’re saddled with a lot of it and the interest keeps piling up. One way to help yourself out is to consider debt consolidation. Here are some signs that consolidation is the right move.
Multiple Debts
Consolidation only works if you have multiple loans or lines to combine or consolidate. If you are behind on several monthly bills, debt consolidation may be an option for you. Combining multiple debts can simplify management with just one loan payment instead of many.
High-Interest Rates
Getting out of debt is hard enough, but when you add high-interest rates to the mix, it makes it more difficult. If your debts have high-interest rates, you may consider debt consolidation. Consolidating debts may help you get a lower interest rate offer. Reducing the interest can help you save heaps of cash as you deal with the debt.
Improved Credit Score
If you have a good credit score but are struggling with debt, you may want to look at consolidation.
- A good credit score may help you secure a lower interest-rate loan.
- The higher your score, the better offers you’ll receive.
- Use that score to your advantage if you consolidate your debts.
Do One Thing: Combine your debts if you can find a low-interest consolidation loan.
