Consolidating loans with different interest rates
Consolidating loans isn’t the right choice for everyone for several reasons.However, loan consolidation is the best choice under certain circumstances, and having one payment to make each month isn’t the only reason to consolidate.When you’re struggling to keep up with the repayments on a number of different debts, it can be incredibly hard to stay on top of them all.Missing payments on a credit or store card bill, or a bill that comes out of the blue can have a massive impact on both your day-to-day finances and credit rating." data-reactid="23"Read more: Student Loans Just Got More Expensive, But Can Elizabeth Warren Help?The most obvious advantage to consolidating your loans is the fact that you can have a single monthly payment.Consolidation of debt is a popular way to group separate outstanding debts together into a single fixed monthly repayment.This makes your separate debts much easier to manage, rather than constantly having to keep track of multiple payment dates and various amounts leaving your account.
But if you're looking to save thousands on student loan interest payments -- as well as time and headaches from managing multiple monthly payments -- then understanding the consolidation process is critical.
Consolidating your existing debt can help you regain control of your finances, relieve continual stress and provide peace of mind over your finances.
Managing one payment is far easier than managing five or six, which means you can start to develop a clear plan for a healthier financial future on your way to becoming debt-free.
Consolidating your loans can significantly reduce your required monthly payment because they are usually amortized over 10 or 15 years.
When you choose to consolidate, you may be eligible for a longer repayment period.
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* The Annual Percentage Rate (APR) is different from the actual interest rate because the APR considers fees and reflects the cost of your loan as a yearly rate.