Debt Consolidation Definition

Debt Consolidation

Debt consolidation is a process of debt refinancing, in which all your bills are merged into one single debt that is paid back through a loan or even by a management program. It comes with a lower interest rate and reduces your total debt in a way that you can pay it off faster. This process is carried on by the debt consolidating companies.

Criteria for Debt Consolidation

Debt consolidation is a financial strategy that can work well for you only when you fulfill some of the criteria, such as:

If your credit score is good enough to qualify for a debt consolidation loan at a lower interest rate or to get a 0% credit card.
When you have a plan of not getting any other debt.
If you are tired of looking at your cash flowing towards repayment of the loan and want to cut down your current interest rates.
Most importantly, when your debts are less than half of your total income.

Disadvantages of Debt Consolidation

Debt consolidation can also be a bad idea when you look into some of the below facts of it:

Debt consolidation does not guarantee you with lower interest rates.
When you get to pay lower interest rates, your term for the loan repayment is increased. It is never a quick solution.
Debt consolidation does not mean that your debts are eliminated.
It is not a good idea when you owe a huge number of loans.
On missing any payment to the debt consolidating companies, they may revoke all concessions made to you.

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