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Consolidating Your Debt

Debt can be burdensome and quickly become unmanageable. One way to better control and monitor your debt is through debt consolidation. Debt consolidation is a more complicated process than many people realize, but understanding some of the basics can help to clear up the underlying issues surrounding it.

What is Debt Consolidation?

Debt consolidation is a process where an individual will have several loans that are closed out into a master loan. In other words, a new loan is taken out and the proceeds from the new loan are used to pay off several outstanding loans. This provides some significant benefits for the borrower. It is much easier to make regular payments on your debt when you are only making one consolidated payment rather than managing several different loans simultaneously. As such, it is easier to avoid late penalties and fees with servicing your accounts. Debt consolidation can also extend out the length of time before you need to repay your debt. By extending the life of your debt you can have more manageable payments that make it easier to balance your budget. Debt consolidation also lets users improve their credit score by repaying debt that they may have been defaulting on previously and leading to poor credit. A debt consolidation loan provides a reset of this old debt by paying it off with new debt which can do wonders for your credit score and history.

Applying for a Debt Consolidation Loan

Applying for a debt consolidation loan is not really different than an standard loan. You simply need to indicate that you are going to use this to repay and consolidate your current debt. The lender will not pay attention as much to your current debt levels and consider the ability that you have to repay your future debt consolidation loan going forward.

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