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. How to get a debt consolidation loan?

article thumbnail

Top Money-Saving Tips and Tricks to Beat 2020 Holiday Debt

Credit Corp

How much debt does the average person owe? . According to credit bureau Experian’s 2019 Consumer Credit Review , we are accumulating debt at an average of 3% per year.