Maggie Germano, a certified financial education instructor and financial coach in Washington, D.
If you are feeling overwhelmed with debt, or just need a helping hand to learn how to manage debt we are here to help. Tara - Branch Manager Many of us have debt in a number of different places.There's credit cards, store cards, car loans and lines of credit...You can consolidate a variety of debts, including credit cards, payday and personal loans, utility bills and medical expenses.So instead of having to send a separate payment to each creditor or collector every month, you’d make just one.Moving your outstanding credit balances to one low rate payment could save you money and time—making it easier to manage your money.
Here are some of the benefits that may come with consolidating your outstanding debt: If you're buying a home and have a 20% down payment, or you're a homeowner with at least 20% equity in your home, the RBC Homeline Plan could help you consolidate your 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 You can take out a personal loan to pay off existing debts and then work to pay off that loan over time.
This makes the most sense when the personal loan has a lower interest rate than you’ve got across your existing debts.
Then you can focus on repaying that personal loan, which requires just one monthly payment and, ideally, has a lower interest rate than what you were paying across multiple debts (it may not have a lower rate, but it’s in your best interest to find the lowest one you can).
The specifics of how consolidation works will vary by the type of debt you have and the method you choose.
This will help identify which debts to pay off first.