Pros and cons of consolidating bills

Direct consolidation loans are now the only type of federal student consolidation loan.Under the Direct Loan Consolidation Program, you can consolidate Subsidized and Unsubsidized Stafford Loans, Supplemental Loans for Students (SLSs), Federally Insured Student Loans (FISLs), PLUS Loans, Direct Loans, Perkins Loans, Health Education Assistance Loans (HEALs), and just about any other type of federal student loan.One possible option to get organized and streamline your bills is debt consolidation.Debt consolidation lets you roll several debts into one loan with a lower interest rate and longer payment term.Pro #3 — If you've had past credit problems, creditors are likely to hassle you less if you're working with a debt consolidation firm.If, for example, you do start to get calls from creditors, a reputable debt consolidator will often be willing to speak on your behalf. For example, when you go with a debt consolidation plan, you're required to stop increasing your overall debt, which often includes limiting the use of your credit cards.Such loans also tend to offer a longer repayment period.

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If you have fallen behind on your payments, it can feel like there’s nowhere to turn.If you need help educating yourself on your debt consolidation options, read on.Debt consolidation is when you consolidate your debts by taking out a new, bigger loan to pay off a bunch of your existing debts.When you have just one easy payment instead of, say, five, it can feel as if you’ve eliminated four-fifths of your debt. You still owe the same principle balance, you’ve hopefully made it easier to pay but reducing the interest rate and monthly payment.Just reducing the overall interest rate, can save real money.

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