Consolidating credit card debt definition

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Debt consolidation makes sense for people who want to make one payment each month instead of several, and for those who can lower the amount of interest they pay by taking the new loan.You can figure out how long it will take to pay off your debt using a debt payoff calculator like this one from CNN Money.

Bad credit debt consolidation loans are available from some lenders but they are costly.If you want to pay off debt fast, the best way is a two-pronged approach: Debt consolidation means taking out one new loan large enough to repay some or all of your outstanding debt.You get the money, pay off your accounts, and then make a single monthly payment to pay off the new debt. Debt is costly and can prevent us from reaching financial goals (or at least prevent us from reaching them when we’d like to).Some people consider credit card debt bad and mortgage or student loan debt good.

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