If you’re struggling with multiple payments, debt consolidation can help you combine your debt payments into one.
You are then left with only one outstanding loan — to the financial institution.
You’ll not only have more options and solutions available to you, it will ease your stress and you may even sleep better (we find this is true with more than 60% of the people that we help).
A debt consolidation loan is when someone borrows money and then uses that money to pay off other debts.
You may want to apply for a consolidation loan if you’re struggling to make your minimum monthly payments on your credit cards, line of credit or overdraft.
Or, it might make sense to consolidate high interest rate debts into one monthly payment with a lower interest rate.