What are the benefits of debt consolidation?
Debt consolidation can simplify your payments, lower interest rates, and improve your credit score over time.
How does it simplify my payments?
Instead of managing multiple payments to different creditors, you combine them into a single monthly payment.
Will it really lower my interest rates?
Yes, if you qualify for a lower interest rate than your current debts, it can save you money in the long run.
What impact does it have on my credit score?
Initially, it may cause a slight dip, but over time, making consistent payments can improve your credit score.
Are there any risks involved?
Yes, if you don't manage the new loan responsibly, you could end up in more debt. It's important to budget wisely.
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