Debt consolidation is the process of combining and merging all of the debt that you owe into a single, monthly, recurring payment with a fixed interest rate. It typically involves your unsecured debts like your medical bills or credit card bills.

When you owe money, whether to a bank or to an actual person, it might make you feel like you’re struggling to stay afloat. Credit card bills, mortgage payments, paying back your auto loan bill; a shocking 70% of Americans admit to not being able to pay off their credit, living above their means. What some don’t realize is that there are options like consolidating your debts, which combines all of your payments into having one single, lower interest rate.

While budgeting can help, you could have different bill due dates, different interest rates and different companies to communicate with. If you have good credit, you might want to…

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