Does consolidating payday loans work
For example, what if interest rates go up, or you fall ill or lose your job?
If you can’t stop spending on credit cards, for example because you’re using them to pay household bills, this is a sign of problem debt.
Someone with excellent credit and a low debt-to-income ratio may be offered interest rates as low as those seen on secured loans.
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Debt consolidation involves combining multiple unsecured debts into one bill, which can be helpful if you’re overwhelmed by an assortment of monthly payments.
You could also consolidate your debts into an unsecured personal loan, but again you’ll need a good credit rating to get the best deals.
Debt consolidation loans allow borrowers to roll multiple debts into a single new one with fixed monthly payments and, ideally, a lower interest rate.