By transferring your various debt balances into a single loan, you can simplify the management of that debt and often get a lower interest rate.

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This simplifies your bill-paying process each month plus reduces the total amount you owe to your creditors.

No matter what type of debt consolidation loan option you’re looking into, it is important to understand how to consolidate debt.

The following four steps will walk you through calculating how much debt you have, choosing the debt consolidation loan, setting a timeline to be debt free and teaching you how to control your spending.

If too much debt has damaged your credit score, then consolidating that debt into a single loan can be the first step towards solving the problem.

If you’re struggling with debt – as many consumers are – you may be looking for a way to pay off your bills and get back on track financially.

Debt consolidation loans for bad credit profiles are one way to get out of debt, but you may be wondering where to look if you’ve been turned down by your bank or credit union.

For another thing, interest on mortgages is generally tax deductible, which can further reduce the effective interest rate you are paying.

If you need help getting out of debt, you are not alone.

There are three major types of debt consolidation: Debt Management Plans, Debt Consolidation Loans and Debt Settlement.