Consolidating information

Consolidating information

Learn More About Management Plans A Debt Consolidation Loan (DCL) allows you to make one payment to one lender in place of multiple payments to multiple creditors.

A debt consolidation loan should have a fixed interest rate that is lower than what you were paying, which reduce your monthly payments and make it easier to repay the debts.

There are several types of DCLs, including home equity loans, zero-interest balance transfers on credit cards, personal loans, and consolidating student loans.

It is a popular way to bundle a variety of bills into one payment that makes it easier to track your finances.

If you need help getting out of debt, you are not alone.

Although signs show an upturn in the economy, many Americans are deep in debt, and not everyone can work overtime or a second job to pay down that debt.

That's where debt consolidation and other financial options come in.

Consolidate Your Debt Now Debt consolidation is combining several unsecured debts — credit cards, medical bills, personal loans, payday loans, etc. Instead of having to write checks to 5–10 creditors every month, you consolidate bills into one payment, and write one check.

Learn More About Consolidation Loans Bill consolidation is an option to eliminate debt by combining all your bills and paying them off with one loan.

The best way to consolidate a large amount of credit card debt (anything over ,000) without taking on a new loan, is to enroll in a Debt Management Plan.

Most financial experts agree that a Debt Management Plan (DMP) is the preferred method of debt consolidation.

With bill consolidation, you make only one monthly payment — a good idea for when you have five, or maybe even 10 separate payments for credit cards, utilities, phone service, etc.

If you consolidate all bills into one, the single payment should be at a lower interest rate and reduced monthly payment.

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Any savings could be used to start an emergency fund to help prevent a future financial crisis.

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