What are the Benefits of Debt Consolidation?
Do you find yourself stuck in seemingly insurmountable debt? Maybe this year you should consider consolidating your debt, but what does that mean and how is it done?
What is Debt Consolidation?
Debt consolidation is combining your debts into a singular debt, with the goal of lowering monthly payments and/or the interest rate.
Personal Loans
By rolling your debts into a single loan, you can lower the interest rate (APR), making it much easier to pay off your monthly payments. If this sounds intriguing, Nymeo offers a debt consolidation loan.
Balance Transfer Specials
Some financial institutions offer Balance Transfer Specials for credit cards. This transfers debt from a high interest rate card to a lower interest rate card, giving you more time to pay down your debt.
Conclusion
See if it makes sense for you to consolidate with Nymeo’s free debt consolidation calculator.
Category: Credit & Budgeting
