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Debt consolidation is ideal when you are able to receive an interest rate that's lower than the rates you're paying for your current debts. Many lenders allow. Consolidation of high interest debt is worth doing only if you have high balances that will take you more than a year to pay off. With a strong credit history, you can expect to quickly get the money you need to begin paying down your debt immediately. Personal loans offer a simple. By extending the loan term, you may pay more in interest over the life of the loan. By understanding how consolidating your debt benefits you, you will be in a. Borrowers may also benefit from lower interest rates when taking out a debt consolidation loan. This is particularly true for credit card debt. For example, the.
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