Debt consolidation can be a smart way to cut down on interest charges — but there are limitations to know about.
While inflation has cooled substantially in recent months, the lingering impacts of the long-term inflationary environment continue to take a toll on Americans. Right now, prices on housing, food and other essentials remain high, and these higher costs have stretched many people's budgets to their limits. As a result, many people have turned to short-term borrowing options, like credit cards and personal loans, to make ends meet — and are now looking for ways to better manage their debts.
Luckily, many debt consolidation programs allow you to consolidate medical debt as part of the consolidation process. By rolling these bills into a single payment plan, you may be able to avoid collections and clear your medical debt faster.Student loansYou also have the option to consolidate your student loans, whether they're federal or private student loans. For some borrowers, consolidating their student loans through a private lender may offer a better overall interest rate.
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