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  • Action Plans & Tips

    Action Plans & Tips

    Credit and debt: When should you consolidate your debts?

  • Action Plans & Tips

    Action Plans & Tips

    Credit and debt: When should you consolidate your debts?

When should you consolidate your debts?

This involves taking out a new loan to pay off several other debts. This is common if you have home equity, debt consolidation is then done to attain a lower interest rate and create greater ease in repayment of a single loan. However, avoid the temptation to use your property as an ATM. This should be used only for major expenses like a car, home improvements or education costs. If you have huge credit card and micro loan debt, this can often be advantageous because these generally carry a high interest rate.

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