Get Started Consolidating Your Debts For A Better Future

Man and woman worried for debt taxes and family budget

When you move to consolidate your outstanding debts, you’ll be obtaining a new loan called a consolidation loan. You’ll pay off the old debts with the new consolidation loan and then have one payment – usually at a lower APR and for a fixed term limit of three to five years. The lender (a bank or credit union) will pay off your existing debts with the loan you secured and you’ll now be responsible to pay off that loan and any other new debts you might incur in the meantime. People usually opt for a consolidation loan when they would …

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