Debt consolidation loans can be helpful for people who have debt from multiple sources. To see how much a debt consolidation loan can save you, try a consolidation loan calculator.

By consolidating debt into one loan, people can make a single monthly payment that is lower than the total of their individual payments. This can save money on interest and make it easier to pay off debt. Consolidating debt can also help people get out of debt sooner by freeing up extra money that can be used to make larger payments. In addition, debt consolidation can improve credit scores by making debt more manageable.…

Every month, you’re inundated with a bunch of bills of various amounts and due dates. Just keeping track of everything has gotten to be too much. Plus, the interest rates are costing you an arm and a leg. Don’t lose hope, though: debt consolidation could be the financial strategy to save you. Here’s how debt consolidation works.

What is Debt Consolidation?

At its essence, debt consolidation is the process of rolling multiple debts into a single payment. This saves you money, since, ostensibly, you’re getting a better interest rate. If you aren’t, then consolidation isn’t worth your while.

Consolidation also allows you to clear your debts faster.…