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consolidate debt

Consolidate Debt With a Few Simple Steps

By: Michael Millington


Combining debt under one large payment is known as debt consolidation. The concept is simple enough, but there are multiple ways to reach the same goal. Many people who look to consolidate debt do so out of convenience. Unlike other forms of debt relief, debt consolidation doesn’t eliminate or lessen your debt. Rather, debt consolidation allows you to pay off multiple lenders at one time, leaving you with only one debt. Here we will discuss how you can consolidate debt and avoid the struggle it can bring.

Consolidate Debt With Consolidation Loans

The best way to have a consolidation loan work for you is to know whether or not you qualify. The problem with debt consolidation is the ability to know whether you can qualify. The best way to know what you qualify for in terms of consolidation loans is to use a loan gathering service. Sites like Lending Tree collect your information and gives you loans that you have the best chance of qualifying for. This can eliminate much of the guesswork from the normal loan searching process.

Consolidate Debt With Credit Cards

Credit cards can be used to consolidate loans as well. While you don’t have as much flexibility with a credit card as you do with a consolidation loan, it might be an easier method to use. Many new credit cards can be pre-qualified for (which doesn’t affect your credit score). Should you already own a credit card you might have the ability to extend your credit line if you maintain proper use of the card. This can grant you leeway in negotiating an extended credit limit.

Consolidate Debt With Savings

Borrowing against your own savings can be a valid way to consolidate debt. The collateral you need to get such a loan already exists in your savings account. However, instead of just paying off your debt with your money, you can borrow against what you’ve saved instead. This way, you can consolidate debt and rebuild your savings.

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