Debt Consolidation

Debt consolidation combines multiple debts into one new payment. It may simplify repayment, but it only helps when the new cost, term, fees, and payoff plan make sense.

Before Consolidating Debt

Compare APR and total repayment cost.
Avoid extending debt so long that the total cost rises sharply.
Check origination fees and balance transfer fees.
Address spending habits that created the debt.
Consider nonprofit credit counseling if payments are already unmanageable.

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