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12-Nov-2016 06:13

If you are thinking about debt consolidation, you might want to first consult a non-profit credit counselor.

Many people get into debt because they can’t afford to make monthly debt payments on top of paying for daily living expenses.

Adding ,000 on a 20-year mortgage means you'll pay interest on that amount for 20 years.

Chances are you can pay your credit cards off sooner than that, even though they probably carry a higher interest rate than your mortgage.

You can consolidate all, just some, or even just one of your student loans.

Consolidating federal student loans may be a good strategy to lower monthly payments or to get out of default, but it is not always a good idea.

Some creditors might be willing to accept lower minimum monthly payments or change your monthly due date because they would rather get paid less on a regular basis – than not get paid at all.

Although all of these different loans may be consolidated, you must have at least one outstanding FFEL or Direct Loan to obtain a Direct Consolidation Loan.

If you have lots of debt, consolidation may save you time and money.

Depending on your financial situation, there may be a solution that's right for you.

Consider carefully before paying off unsecured credit card debt with a loan that could put your home in jeopardy if you don't pay it off.

Refinancing is not really consolidating your debts.

Although all of these different loans may be consolidated, you must have at least one outstanding FFEL or Direct Loan to obtain a Direct Consolidation Loan.

If you have lots of debt, consolidation may save you time and money.

Depending on your financial situation, there may be a solution that's right for you.

Consider carefully before paying off unsecured credit card debt with a loan that could put your home in jeopardy if you don't pay it off.

Refinancing is not really consolidating your debts.

Your monthly payments on that loan will increase and you could lose your home if you default.