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This will allow you to make one payment and sometimes will result in lower payments.
Warning: Many zero-percent or low-interest credit card offers only last for a limited amount of time.
Which is why a consolidation loan can often prove to be a better option: it may allow you to get a lower interest rate, which would save you money over the long-run.
2) High monthly payments People with lots of debt also frequently struggle with high minimum payments – which are sometimes more than they can pay each month.
Many people get into debt because they can’t afford to make monthly debt payments on top of paying for daily living expenses.
If you have questions or need help choosing the right solution for your situation, just call us at In most cases if debt consolidation is the right option in your financial situation, then there shouldn’t be too many downsides to using the process in general.
Any disadvantages are usually specific to the particular method you use for consolidating – more on that below.
The following chart can help you understand the upsides and downsides to the different options available for debt consolidation: In a basic sense, a balance transfer is usually a viable option for anyone with excellent credit score who catches their debt problem early.
The biggest downside is the higher fees you usually face for the transfers.
In theory, debt consolidation should not have a major impact on your credit score.