Above all, the approach has to match the need and the comfort level of the borrower.
Some people prefer a DIY debt management plan, while others benefit from simplified singular payment of a consolidation loan.
A word to the wise, though: Debt consolidation loans aren’t for everyone struggling with debt.
Determining which method will benefit you the most will involve some homework and some calculations … Debt consolidation can take many forms, including a personal loan, a balance-transfer credit card, a home equity line of credit (HELOC) and a debt management plan, among others.
Enter your current debts into our loan calculator to start creating a plan to eliminate your debt.
While consolidating debt certainly has merits, it is not the right choice for every individual.
So instead of having to send a separate payment to each creditor or collector every month, you’d make just one.