Pros and cons of consolidating
While the interest rates vary between each company, they typically have a lower interest rate than a credit card.
There can be origination fees, prepayment penalties, or other collateral you will need to put down.
It is a risky move, and typically recommended as a last resort for some cases.
It’s a good way to help settle debt with a lump sum, but you must conduct this process with each collector.
A credit score of over 700, and a transfer fee is what it takes to qualify for this type of consolidation.
When you include the expiration date of the 0% interest, which is anywhere between 12 and 18 months.
It’s an excellent option for getting rid of high interest rates you can’t afford to pay every month.
Finding the right debt consolidation will drastically reduce those rates down to around 10 percent, or less.
Raising your credit score is a long and tedious task, but it’s possible to pull yourself up, and save money.
There are many benefits to consolidating your loans.
Time, effort, and the outcome can play a huge role in your decision.
While it may take a long time to fix your debt issues, you will have relief when the collections stop calling.