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Tag Archives: Debt Consolidation

When Should You Consolidate Credit Card Debt?

The Reality of Using Credit Cards Between card designs, rewards programs, and one-step purchasing, it can be easy to become credit card complacent, so comfortable swiping for everything that you start to overlook the fact that credit cards are a form of debt. Every time you use your credit card, you borrow the money for each purchase from the issuing bank — and you are responsible for paying that money …Read More

Debt Consolidation vs. Debt Settlement vs. Debt Management Program

What is Debt Consolidation? Debt consolidation typically involves getting a lower interest loan to pay off multiple high interest secured or unsecured debts, such as credit cards or payday loans. The consolidation loan is generally secured against the borrower’s assets such as a home or a car.  Because credit card debts have such high interest rates, even an unsecured consolidation loan can significantly reduce the borrower’s monthly payment. For some this …Read More

Ask An Expert: I’m struggling to make payments on my student loan. I have all federal and Perkins loans. Should I consolidate them to get lower interest?

A: Dear reader, consolidating your federal student loans could be an option to help you manage your payments and potentially avoid default. However, combining your loans may help you for other reasons that do not necessarily include lowering your interest rates. If you are thinking about consolidation, you can start by looking into Direct Consolidation Loans. This type of loan offers a consolidation option at no cost to you through …Read More