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.

Should You Consolidate Your Debt?

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