Consolidating debt bad or good

06-Oct-2017 11:35

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Credit and you'll receive fair interest rates and flexibility to pay off all of your debts - even if you have bad credit.

Consolidating your credit cards, auto loan(s), and other bills into one fixed rate personal loan relieves the confusion of bill clutter - envelopes piling up on your table, bill collectors calling, and remembering multiple 'Due By' dates.

A closer look at the subject provides a more sophisticated way of both viewing indebtedness.

SEE: Check out our credit card comparison tool and find out which credit card is right for you.

If you’re in debt, you may have asked yourself: “Is debt consolidation a good idea?

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Keeping on top of your finances has never been more important than today in light of the newly introduced credit reporting laws.

The reason this can be helpful to people with a lot of debt is that it can solve three of the worst problems you face: 1) High interest rates Some types of debt (particularly credit cards) can have extremely high interest rates – up to 25% or more.

If you’re in that kind of situation, there’s a good chance your debt will grow faster than you can pay it off.

3) Confusion because of too many bills Another common obstacle to getting out of debt is when the sheer number of bills you receive makes it hard to even keep track of which payment is due on which date. While there are some real benefits to debt consolidation, it’s extremely important that you do your homework and understand there’s a wide range of options when it comes to debt consolidation loans – some are good, some are bad, and some are downright predatory.

Consolidation can help with this problem by reducing the number of bills you get down to a single one. Check your rate using Ready For Zero's free debt consolidation tool.

Simply put, it brings a number of debts into one easy payment.