Should You Get A Personal Loan To Consolidate Debt?
If you have a decent amount of debt, and you're making monthly payments to several different companies, you can often lower your monthly out-of-pocket expenses by consolidating your debt. When you consolidate your debt, you obtain a loan to cover the total amount of debt you have, and then, use the money you receive from your loan to pay off the debt you've accumulated. This way, you're only making one monthly payment, which is typically lower than the amount of the combined payments you were previously making each month.