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Is Debt Consolidation Right For Me?

December 8, 2022By Isabella

What Is Debt Consolidation?

Debt consolidation is an excellent tool to help you manage your debt. However, if you’ve never consolidated a debt before, you may not know where to start.

It is often said that you can save money by consolidating your debts. Debt consolidation essentially combine multiple debts into one single payment. The goal is to get all of your debts, including those with high-interest rates, into one payment as well as to save you money and time. It’s a good strategy for people managing multiple debts.

How Does Debt Consolidation Work?

There are two common ways to consolidate debts. The first option is to transfer all your debts to a low-interest credit card. You’ll essentially “pay off” all your debts with a credit card, then start to make monthly payments to the low interest credit card. This is not always a good option, as it requires a really high credit score. To get a low-interest credit card, you will need to have a score of 690 or more. The second option is to get a loan. This option is more realistic because you may not need to have a good credit score to qualify for a loan.

When Should I Consolidate My Debt?

Debt consolidation is a great strategy, but it is not for everyone. Consider debt consolidation when:

Your debt load is too large and will take more than a year to pay off
Your debt is more than half your income
You have good credit and can get a lower interest rate

Debt consolidation is not the best strategy for everyone. If you are unsure if it is right for you, speak with your financial advisor.

Loans For Debt Consolidation

Our Access Loans product is an excellent option for your debt consolidation. It offers fixed-interest rate and do not require a high credit score. In fact, applying will not impact your FICO credit score at all. If you’re looking for a way to reduce your debt load, try consolidating your debts with our loan product. It may also help reduce your debt payments so you can save more. To learn more about our Access Loans product, call us at 1-888-287-9483. We’ll be happy to answer any questions.

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ACCESS LOANS™ product is offered by Safra National Bank of New York (“SNBNY”), Member FDIC, Equal Opportunity Lender.

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