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Or if the new loan has a longer term, you may be able to lower your monthly payment.
Either way, debt consolidation can be helpful to your financial situation. Rather than asking “Is debt consolidation good or bad?
Thanks to the fixed interest rate, you’ll know exactly how much debt you have to pay off, as well as the date you’ll be debt-free, provided you make all your payments on time.
The theory is that if the new loan has a lower interest rate than your current debts, you’ll save money on interest each month and may be able to pay off your debts faster.You then pay off this new loan with a single, recurring monthly payment.This allows you to manage your debt with one easy payment per month.When trying to pay off debt, consumers thinking about consolidating debts often have one burning question: “Is debt consolidation good or bad?” Here’s a short overview of debt consolidation practices that can help you determine whether debt consolidation is good or bad for your financial situation.
And, since Marcus doesn’t charge fees, you’ll know exactly how much you owe. When consolidating your debt with Marcus, here’s what you can expect.