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

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. Most people don’t have $5,000+ sitting in their bank accounts—that’s where personal loans come in. You may even qualify for a subsidized loan or an income-driven repayment plan.

Insiders

Sign Up for our Newsletter

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

article thumbnail

Best Personal Loan Companies of 2022

Better Credit Blog

The best personal loans charge low fees and low fixed interest rates, have flexible loan amounts and terms, and have no prepayment penalties. A personal loan could let you access cash for any purpose. Since personal loans are unsecured, you’ll need an excellent credit score to get the best deal. Compare Rates Now.

article thumbnail

I Hate Having Roommates: 7 Ways to Afford Living Alone

Credit Corp

Consolidate Debt. Debt is a common reason many people can’t afford to live on their own. Consolidating your debt is one way to potentially reduce how much it costs you. A debt consolidation loan or balance transfer credit card can help. on TD Bank's secure website. Card Details.

article thumbnail

What Is a Personal Loan?

Better Credit Blog

Whereas other loans like business or student loans are created for a specific use, you can decide how to use a personal loan. While the reasons to get a personal loan could extend beyond this list, here are a few of the most common reasons people take out personal loans. Consolidating Debt.

article thumbnail

How to Pay Off Debt Fast with Low Income (10 Steps)

Credit Corp

Start by gathering all your financial statements and creating a comprehensive list of your debts. This includes credit card balances, student loans, medical bills, and other outstanding obligations. Once you pay off the smallest debt, you apply the money you were putting toward it to the next smallest debt.

article thumbnail

We’re Debt Free [And How You Can Do It]

Credit Corp

The consumer system is set up so that most purchases depend on applicant creditworthiness and a focus on being in debt responsibly. The average American builds credit by opening a credit card account, acquiring student loan debt, or making car payments. Get Your Free Credit Report Card.