There are many benefits to debt consolidation, particularly for individuals who are struggling to pay off high interest debt. Debt consolidation involves taking out a single loan to pay off a number of different debts. These types of loans often result in a significant savings in interest expense. Debt consolidation can reduce your monthly cash outflow, and also reduce the length of time it takes to get out from under your debt. For many people, debt consolidation is the key to getting their finances under control.
If you have credit card bills or other high interest loans and are able to refinance your home or take out a home equity line of credit, it is possible that you can enjoy a significant financial advantage by refinancing. Before you decide to pursue debt consolidation, it is a good idea to educate yourself about what does and does not work to your advantage in such a situation.
For example, its important to keep in mind that the purpose of debt consolidation is to take high interest debt and roll it into a lower interest repayment option. If you have low interest loans, such as Federal Student loans, it isnt generally in your best interest to include...
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