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Unlike debt settlement and debt management, however, debt consolidation does not entail negotiating with your creditors to reduce your debt amount or change your payment terms.Let’s take a closer look at how it works and at the pros and cons of debt consolidation.Footer: Learn more about the debt snowball and how you can become debt-free. here’s a lot of confusion about what exactly debt consolidation is.The way a balance transfer works is you – surprise – transfer your credit card balance from one card to another.Usually the benefit to you is that you’re given a lower interest rate during an introductory period which can last anywhere from 6 months to 18 months.Every time you pay off a debt, add the amount you were paying to the payment for the next debt in line.
And the discipline you’ll develop will help you stay out of debt in the future.It creates some real victories up front, not the false feelings created by consolidations. Then, while you’re making minimum payments on everything else, pay off the smallest one as quickly as you can.Once it’s paid off, take that payment and add it to the money you’re paying on the next smallest debt.On the whole, the pros of debt consolidation are that (A) it helps you simplify your monthly payments, (B) it can reduce your interest rate, and (C) it can lower your monthly payment in some cases – while also extending your repayment period longer.Like above, the cons of debt consolidation depend on your situation and the type of consolidation you are considering.
Less debt means you’re in a better position to serve God and to serve others.