What is Debt Consolidation and how do you use it to your Advantage?
Debt consolidation is when you take a larger loan to pay off smaller debts so that you only need to make one payment rather than a bunch of small payments per month.
Advantage #1:
Simplicity and ease of one payment rather than a bunch.
Advantage #2:
The new loan can build your credit.
Advantage #3:
Possibly better interest rates meanings cheaper repayment.
Advantage #4:
Over-utilized credit cards will hurt your credit score. If you consolidate your credit card debt, you will be in a WAY better position to build credit.
If you need to consolidate any debt, Spring Financial can help! Just fill out our 3 minute application form.
https://sprng.ca/35A89H8
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