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Similarly, consolidating can make your budget more manageable by lowering your minimum monthly payment.
In the example above, let's say the three cards required minimum monthly payments of 9, 6, and .
Consolidation should only be used for its intended purpose - to reduce the total amount of your debt in a controlled environment.
It should never be used as a Magic Slate solution to "lift" your obligations off the page.
As you can imagine, this helpful service is not free.
In addition to principal and interest payments, there are fees, and these can eat you alive if you have less-than-perfect credit.
There are a lot of companies looking to help you stay afloat, so be sure to compare them side-by-side and point-by-point.
Many people find managing a single payment easier than juggling several different bills month after month.That’s a total monthly outlay of 7 at a minimum - ouch!By consolidating, you may be able to replace your three monthly bills with one payment carrying a minimum monthly obligation of about 5 - 0.In some cases it might make sense to negotiate debt settlement on some specific debts before considering a broader debt consolidation program.It's no secret that most people who are awash in debt typically have poor credit, so high rates and fees may do them in slowly.