Does consolidating your debt work
Over the past five years, there are fewer and fewer unsecured consolidation loans given.
Your new big loan will be a much lower interest rate—saving you thousands of dollars over the next few years.
As a result, you will save money on interest payments.
This has many benefits: The biggest benefit to you is paying less interest though.
Debt consolidation is about increasing your leverage with the primary goal of lowering your interest rate.
The interest rate charged by a financial institution for a personal loan is usually lower than the rate charged for a credit card.