What is debt consolidation?

CATEGORY: PERSONAL FINANCE TIPS

If you’re in a position where managing your existing debt has become difficult, you may be ready for debt consolidation.

Debt consolidation is when you bring all your debt together into one place. The aim is to move from coping to paying off. Debt consolidation makes it easy to see exactly how much you owe and what you need to pay.

Why consolidate your debt?

If your debt levels have crept up on you, you may be suffering from a variety of problems.

High interest rates

The interest levels on your debt could be high. Short term debt solutions such as credit cards are not designed for long term borrowing. The result is that you can find yourself with high interest charges as your borrowing increases and you are unable to pay off your balance in full every month.

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