Debt consolidation creates one big loan which is used to pay off unsecured debts like credit cards and personal loans. Having a debt consolidation loan leaves you with one monthly payment rather than several payments throughout the month. As a result, your payment process is simplified.

Once you’ve consolidated your debt, you can opt for other loans, such as the FHA-loan, 15-year/30-year fixed rate loan, and VA loan. However, it is advisable to be wary. Debt consolidation might not be the best solution for everyone.

It could worsen your financial situation. We suggest you speak with our debt consolidation expert who will advise your best course of action based on your financial needs.