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Pros and cons of consolidating bills

Before you do anything, keep this in mind: there are both pros and cons of debt consolidation.

those that offer them, tend to offer them at a high interest rate.

if you're not reducing your interest rate on the bills you consolidate, it probably does not make sense to consolidate bills only for the ease of making one monthly payment.

Note: This detail is the one that debt consolidation companies will try to hide from consumers at all costs.3. For instance, a home equity loan that you are using to consolidate debt.

While this is a great idea on the surface, if you do not stay on schedule with your payments your house is in the line of fire.

if you qualify to refinance your mortgage and consolidate all of your bills, you get the benefit of a tax deduction, in addition to a low interest rate and smaller over all payment.

you can get a free mortgage quote from one of bills.com’s pre-screened lenders.

unsecured loan to consolidate bills: it may be possible to consolidate bills with an unsecured loan, but that has become more difficult in the past few years.