Debt consolidation is a method of paying off debt that can help you pay off multiple debts you owe at the same time with only one monthly payment to one source. Debt consolidation is commonly used to pay off multiple credit card debts at the same time, or debts spread out across several areas such as car loans, personal loans, installment loans, etc. So how does it work?
How Does Debt Consolidation Work?
Lets say you have three credit cards and owe a significant amount on all three. With the interest rates on credit cards as high as they are, it can be difficult to keep track of paying off all three at once. Combine this with the fact that you may be receiving collection calls from multiple creditors every month, and paying off three credit cards can be an overwhelming task.
Debt consolidation makes taking care of your credit card debt easier. With debt consolidation, you take out a loan to pay for your debt from a single loan company. This loan pays for the debt on all three credit cards in full. Now, you just have to make one monthly payment to the loan company. This makes it much easier to keep track of your debt. You might also be able to get a better interest rate on the loan than you did on your credit card. Plus, now that you have only one easy monthly payment to make, you can start building up your credit score again over time.
Your Project Loan Debt Consolidation
Your Project Loan offers debt consolidation services for anyone for any kind of debt. Talk to us about debt consolidation for:
- Credit card debt
- Car loans
- Personal loans
- Installment Loans
- And more!
Don’t let your debt remain spread out when it could be taken care of in one place. Talk to Your Project Loan about consolidating your debt today. Or get a loan from us for anything! And be sure to follow Your Project Loan on Facebook, Twitter, Google + and LinkedIn.