Mika
VIP Contributor
One of the highly recommended methods for managing your loans, especially multiple loans, is debt consolidation. However, when you are choosing this option for paying your debt, you need to consider a lot of things. One of the most important step involving loan consolidation is to check if the new interest rate will be lower than your current rate. Loan consolidation is not just for seeking additional time frame for loan repayment, the main goal is to reduce the overall interest you are paying in your loan. If the consolidated rate is higher, loan consolidation will not be beneficial. You also should not make the same mistake with your consolidated loan (late payment, for instance). Consistent repayment is key to successfully managing your loans.
