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Should I Consolidate Loans Or Not?

Debt management isn’t an idle practice. It takes diligence and attention. Sometimes it can be helpful to change strategies or at least look into your options, like consolidation. If you are asking yourself if you should consolidate loans or not, consider the following information to help your decision.

When it comes to paying off debt, consolidation loans aren't your only option.

When it comes to paying off debt, consolidation loans aren’t your only option.

Reasons to Consolidate Loans or Not

First, make sure you are completely aware of all your debts, assets and current household budget. All these personal finance items are important as you consider consolidation.

A consolidation loan allows consumers to take out a new loan to pay off multiple creditors. Next, the borrower repays the new loan. The up-side of consolidation is that you will only have to remember one due date to one creditor rather than keeping track of multiple debts.

Loans for debt consolidation work for some people. The key to knowing whether a consolidation loan will benefit you is whether you’re able to secure an interest rate lower than you currently hold. Otherwise, you will not save any money.

Additionally, it’s important to address the factors that got you into debt in the first place. Because consolidation will enable you to repay your accounts, you will suddenly have a number of credit cards with a zero balance. The temptation for some to continue to spend with newly available credit can be overwhelming. Work through your financial strengths and weaknesses to understand if you are vulnerable in this scenario.

What About Student Education Loans?

Should student loan borrowers consolidate or not? This very much depends on the type of loan and the interest rate. Federal loans can be consolidated. Most private loans can as well. However, consolidating private student loans depends heavily on your credit. Poor credit history and score leads to a very high consolidation loan interest rate. Federal consolidation loans are typically fair. However, consolidation means you lose some of the other repayment perks.

Watch this video to learn more.

Finally, consolidating loans can work well for some but not for others. Have an accurate evaluation of your finances, debts and goals before signing on the dotted line.

If you’re struggling to pay off debt, ACCC can help. Schedule a free credit counseling session with us today. 


Michelle is a regular contributor to Talking Cents. She has taken several financial courses on debt management and is ready to circulate what she has learned from them as well as lessons from her own life- family to DIY projects to student loan debt.

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