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You may have college debt, a mortgage and possibly a few credit cards dragging you down. If you're in need of a way to manage this debt, consider debt consolidation. Consolidating your debt can help reduce your monthly payments, save you money in interest, and even allow you to get a lower interest rate on your loan. There are a number of different ways to consolidate your debt, so it's important to find the method that works best for you. 1. Get a consolidation loan Did you know that you can consolidate your debt into one loan? It's a great way to save money on interest payments and they can come with lower interest rates than what you’re paying on your credit cards. 2. Use the debt relief tool on the credit card company's website Another option is to use the debt relief tool on the credit card company's website. This tool will help you analyze your current debts and figure out a payment plan that will work best for you. Using a debt relief tool can provide you with a path out of debt that could result in you paying less than what you currently owe. 3. Apply for a balance transfer card Of course, if you can’t avoid using a credit card, consider applying for a balance transfer card. This credit card refinancing option usually gives an introductory offer of 0% APR for a certain amount of time, usually 12 to 18 months. This no interest period can be an excellent way not to accrue additional debt while trying to pay off current debt. 4. Work with a debt management company When it comes to dealing with your debts, reaching out for help from a financial professional can be very helpful. Debt management companies are there specifically to help you consolidate your debt and get you a lower interest rate. They will work with you to come up with a plan that meets your specific needs and goals. Consolidate debt for less debt Whichever method you choose, consolidating your debt can be a great way to save money and get ahead of what you owe. Keep in mind that there are a variety of options available, so contact the office to find the best solution for you. This material was developed and prepared by a third party for use by your Registered Representative. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security. The content is developed from sources believed to be providing accurate information. |
