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Debt consolidation for bad credit: What to know

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If you’re carrying multiple debts, you may feel overwhelmed trying to manage minimum payments and due dates. A debt consolidation loan can help simplify repayments.

It pays to also be aware of the drawbacks associated with debt consolidation loans for bad credit. If you have bad credit, you may not be able to secure a lower interest rate and debt consolidation may not work in your favor.It can be challenging to qualify for a debt consolidation loan when your credit is not so great. A higher interest rate and longer loan terms can lead to more expensive monthly payments, so exercise caution.

You can also turn to debt repayment methods such as the debt avalanche method or debt snowball method to help you make progress in paying down debt and improving your credit score.

 

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