Pros and cons of consolidating

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Averaging over 20 percent a year, credit cards can suck the money out of your wallet.Finding the right debt consolidation will drastically reduce those rates down to around 10 percent, or less.

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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.Worrying about one bill instead of three or four will take the pressure off, and allow you to take care of unpaid bills.When you consolidate your loans, the interest rate is reduced.

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