{"id":30521,"date":"2020-12-11T16:05:29","date_gmt":"2020-12-11T16:05:29","guid":{"rendered":"https:\/\/makemoneyinlife.com\/?p=30521"},"modified":"2021-09-09T11:41:15","modified_gmt":"2021-09-09T11:41:15","slug":"how-to-consolidate-debt-and-what-to-consider","status":"publish","type":"post","link":"https:\/\/makemoneyinlife.com\/how-to-consolidate-debt-and-what-to-consider","title":{"rendered":"How to consolidate debt and what to consider"},"content":{"rendered":"\n
If you have multiple debts to different lenders<\/a> and are finding it difficult to keep on top of repayments, then you may benefit from consolidation. There are a few different ways to do this, so it\u2019s essential to do your research and understand the benefits and disadvantages of each option before deciding on a particular route. If consolidating your debt will help you to manage your money more effectively<\/a> and move you in the right direction financially, then it may be right for you.<\/p>\n\n\n\n Here, we explore three different ways to consolidate debt and how they work.<\/p>\n\n\n\n Do you owe money to lots of different lenders? Then it may be worth consolidating all your debts into one single loan<\/a>. The benefit of this is that it often means your total monthly repayment is less than if you pay each debt to each lender separately. However, you may find that some loans have a longer repayment term \u2013 which could result in paying more interest overall. So, pay close attention to this when looking at various options from banks or credit unions. It\u2019s important to note that debt consolidation loans aren\u2019t right for everyone, so speak to a professional and weigh up the pros and cons before taking one out.<\/p>\n\n\n\nConsolidate multiple debts into one loan<\/strong><\/h2>\n\n\n\n