article thumbnail

What is Debt Consolidation and How Does it Work?

Better Credit Blog

Debt consolidation is when you bundle several debts together into one larger sum and then make a single monthly repayment instead of multiple smaller ones. Consolidating debts with different interest rates and repayment schedules can make it easier to manage your finances. Debt Consolidation Guide.

article thumbnail

The Best Debt Consolidation Loans

Better Credit Blog

If you owe multiple outstanding debts, it might be time to consider looking into a debt consolidation loan. “Debt consolidation essentially means combining and downsizing debts so they are easier to repay. The Most Important Factors For Debt Consolidation Loans. ” Ads by Money. .

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

The Best Debt Consolidation Loans

Better Credit Blog

If you owe multiple outstanding debts, it might be time to consider looking into a debt consolidation loan. “Debt consolidation essentially means combining and downsizing debts so they are easier to repay. The Most Important Factors For Debt Consolidation Loans. ” Ads by Money. .

article thumbnail

7 Things to Know Before Taking Out a Personal Loan

Credit Corp

According to recent statistics , millions of Americans have personal loan debt, with the average loan amount being $16,931. Personal loans can be used for various reasons, whether for debt consolidation, medical expenses, or home improvements. You can get a personal loan from banks, credit unions, or online lenders.

article thumbnail

What Happens After a Personal Loan Bankruptcy Discharge?

Sawin & Shea

Types of personal loans include: Installment Plan Payday Peer-to-Peer Lending Cosigner /Guarantor Debt Consolidation Variable Rate Fixed Rate During your bankruptcy proceeding, at least a portion of these loans will be discharged, whether you borrowed from brick-and-mortar or online lenders. Unsecured loans don’t have collateral.

article thumbnail

8 Ways to Consolidate Credit Card Debt 

Credit Corp

Debt consolidation allows you to take multiple debts and combine them into one, and you can do this with your credit card debt. Doing this makes managing the debt a little easier, and you may be able to get a lower interest rate. It can help significantly lower your credit utilization.

article thumbnail

What Is a Personal Loan? How It Works

Credit Corp

A personal loan is money borrowed from a lender that can be used for almost any purpose, from debt consolidation to home improvement projects. A personal loan is money borrowed from a bank, credit union, or other financial institution that can be used for virtually any personal expense. What Is a Personal Loan?