Simplifying your finances and freeing up some monthly cash may be a worthwhile trade-off. On the other hand, the total cost over time might not be worth it.
- Consolidating debt can lower your stress and interest rate—but not the balance you owe. You still have to manage debt wisely.
- There’s more to think about than the monthly payment. Be sure to consider total cost as well as the potential risks in different types of refinancing options.
- Debt consolidation could help you get a better handle on your current finances, but make sure it makes sense in the long run.