Help consolidating payday loan
“A debt consolidation loan can help you manage your payments easier and less stressfully.
That makes sense for a lot of people.” She added: “But some people would rather tackle a debt management plan themselves.
You can consolidate most federal student loans with a Direct Consolidation Loan, which you can read more about here.
This makes the most sense when the personal loan has a lower interest rate than you’ve got across your existing debts.
A word to the wise, though: Debt consolidation loans aren’t for everyone struggling with debt.
Determining which method will benefit you the most will involve some homework and some calculations … Debt consolidation can take many forms, including a personal loan, a balance-transfer credit card, a home equity line of credit (HELOC) and a debt management plan, among others.
“If you’re not absolutely positive that you can pay off your debt in that time frame or if you think you might struggle with building up your debt on credit cards once again, I think getting a new credit card is probably not a good idea,” said Germano.
A home equity loan gives the borrower access to home equity in cash, which can be used to pay off other debts.