Updated Jul 11, 2024 ; Written by Amrita Jayakumar ; Edited by Kim Lowe ; Co-written by Jackie Veling
Debt consolidation could lower the cost of your credit card debt, but there are a few things to know beforehand.
Discover if consolidating debt is right for you. Explore the pros and cons of debt consolidation and make an informed decision for your financial well-being.
Debt consolidation is combining several loans into one new loan, often with a lower interest rate. It can reduce your borrowing costs but also has some pitfalls.
Consolidating credit card debt saves both time and money. Forbes Advisor walks you through how you can use consolidation to your advantage.
Debt consolidation can streamline your finances and reduce monthly payments. Learn about the different strategies you can use to consolidate debt.
Pay fewer bills each month. Combine multiple debts into one balance for fewer bills to juggle. ; Shorten your repayment term. Save money by putting less toward interest and paying down the principal balance sooner. ; Set a budget. Build a money plan around your bills and expenses.
Learn more about how to consolidate debts, how debt consolidation can help you pay off debts more quickly and lower your interest rates, and if debt consolidation is right for you.
If your credit score is lower than average, it may be tough to pursue debt consolidation — but it's not impossible.
Debt consolidation can be a useful way to save you money and simplify your payments. Here's ways to consolidate your credit card debt.