Consolidating credit card debt student loans santiago de cuba dating
You can consolidate the following: Each type of debt must generally be consolidated separately.
So, for instance, you usually can’t combine student loans and credit cards together.
Learn more about debt management plans »Student debt is a little unique when it comes to consolidation.
Interest rate reduction is not always the primary goal.
The average American household carrying a credit card balance has over ,000 in debt, but you sure wouldn’t know it.
Credit cards have relatively high interest rates, which makes it difficult to pay off balances quickly.
This simplifies debt repayment so you only need to worry about one bill.
It can also provide other benefits, such as lower interest charges and monthly payments. For the most part, you can only consolidate debt unsecured debts of a similar type.
Secured debt refers to any loan that has collateral.
So, you typically don’t consolidate mortgages or auto loans.