Do you have debt from different lenders? You can combine all your monthly debt payments into one payment with debt consolidation.
Debt consolidation combines your debts so that you have less payments and a lower interest rate. Some lenders might give you a 0 percent interest rate to start. This means you can save money and pay back less.
The interest rate you get depends on your credit score. People with better credit scores will get lower interest rates.
It is easy to apply for a credit card debt consolidation loan. Just follow these tips:
- Find out what loans you might qualify for. Lenders let you fill out applications online to see what loans you can get based on your answers.
- Compare different loans. Look at the interest rates and how long different lenders will give you to pay back the loans.
- Pick the perfect loan for you. After you look at your options and your budget, send in an application for the loan you want.
- Let your lender take a look. Your lender will look at the loan you want and your requirements. If you’re a good fit, all your debts will be put into one place with a new interest rate.