Debt consolidation may be a good option for you if:
- You have multiple debts with high interest rates.
- You’re struggling to make your monthly debt payments.
- You want to simplify your finances and reduce stress.
However, debt consolidation may not be the best solution if:
- You have a high amount of debt relative to your income.
- You have poor credit and may not qualify for a favorable interest rate on a consolidation loan.
- You’re not confident in your ability to make regular loan payments.
How to Consolidate Your Debts
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