- Debt consolidation
If you're struggling to repay your loans, manage your money, or make ends meet, you might consider consolidating your debts. Here, you'll roll your individual loans into one large loan, usually with a longer term and a lower interest rate, and make only one payment per month. You can take advantage of debt consolidation by transferring debts to a credit card with a lower interest rate or applying for a home equity loan or a debt consolidation loan. Interest rates may vary, and each method has distinct advantages and disadvantages you'll want to review.
- Debt Payoff Strategies
In these uncertain economic times, you may be thinking of reducing your debt load. There are a number of strategies for paying off debt that you might consider. However, before starting any debt payoff strategy (or combination of strategies), be sure you understand the terms of your debts, including any penalties for prepayment.
- Should I invest my extra cash or use it to pay off debt?
- Will debt consolidation hurt or help my credit rating?