Debt consolidation means combining several debts into one, usually with a single monthly payment.
Potential benefits
- One payment to manage
- Possibly a lower interest rate
Things to watch
- Fees can add to the cost
- A longer term may mean paying more interest overall
- It doesn’t fix overspending habits
Get help
Free debt advice services can help you compare options before you decide.
This article is general information, not personal financial advice. Consider speaking with a qualified professional about your situation.
