What is a debt consolidation loan?

If you have lots of small debts, such as credit cards and small loans, you can take out one big loan to pay them all back. This means that instead of lots of monthly repayments, you only have one large one. You also only have one interest rate to consider, which may be lower than some of your existing interest rates. It usually involves a secured loan against an asset. Suppose the asset is your car – if you don’t pay back your new loan, the debt consolidation company takes the car. However, this asset security means that companies may be comfortable giving you a lower interest rate.

What are the advantages of a student debt consolidation loan?

1. You don’t have to deal with a lot of complex payments. Instead, you just have one monthly payment to make, which might make it easier to keep on top of things. This can also be helpful psychologically, making your student debt seem easier to manage.

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