About consolidating debt
Because every person’s financial situation is unique, it is best to spend time examining each option and find the one that is right for you.
There are three major benefits of debt consolidation: The traditional method of consolidating debt is to take out one large loan from a bank or credit union and use that money to pay off several smaller debts.
Debt management is a form of nonprofit debt consolidation that will reduce your monthly payments and interest rates – all without a loan.
Credit counselors work with your creditors and get you a single, fixed monthly payment that you can afford.
The 0% interest is known as an “introductory rate” that expires, typically after 12-18 months.
The rates on the cards then jump to between 15% and 25%.