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Debt-consolidation offers are a dime a dozen, but a strategic consolidation can help you save money and simplify your finances.
A missed monthly credit card or loan payment stays on your credit for seven years, and simplifying your payments lowers your odds of a mistake.
What you decide to do with your money is up to you.
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Getting into good spending and budgeting habits can help you avoid debt in the future while paying off any debt you have today.
Between credit cards, student loans, auto loans, mortgage or rent, and other monthly bills, managing your money may feel like more of a juggling act than anything else.
When you consolidate your debts, you'll wind up with one payment instead of multiple.
[Disclosure: Cards from our partners are reviewed below.] Debt consolidation is a type of debt refinancing that allows consumers to pay off other debts.
In general, debt consolidation entails rolling several unsecured debts, such as credit card balances, personal loans or medical bills, into one single bill that’s paid off with a loan.
There are dozens of ways to go about consolidating debt, and some include transferring the debt to a zero or low-interest credit card, taking out a debt consolidation loan, applying for a home equity loan or paying back your debt through a debt repayment consolidation plan.
When researching consolidation plan options, you may come across what’s known as debt consolidation companies.