What’s the difference between debt consolidation loans and refinancing?
An example of an AI chatbot conversation about debt consolidation loans and refinancing options.
What’s the difference between debt consolidation loans and refinancing?
Debt consolidation loans combine multiple debts into one loan, while refinancing replaces an existing loan with a new one.
Which option is better for reducing my monthly payments?
It depends on your situation. Debt consolidation can lower payments by extending the loan term, while refinancing may offer a lower interest rate.
Are there any risks associated with either option?
Yes, with debt consolidation, you might end up with a longer repayment period. Refinancing could lead to higher costs if not done carefully.
How do I decide which option is right for me?
Consider your financial goals, current interest rates, and whether you want to simplify payments or lower your overall debt.
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