Consolidating payments

A "fair" score ranges from 580 to 669 and any score that is lower than 579 is considered "poor." Knowing your credit score is important in determining your options, but even with less than perfect credit, there are still ways you can consolidate your debt.While there are debt consolidation options available for people with "poor" scores, they often come with high-interest rates that may be higher than the rates of your current loans.If you have a "poor" credit score, it may be difficult to get approved for a debt consolidation loan.Lenders often see people in "poor" credit ranges as risky, and as a result, might not issue a new loan to someone in that range.Another advantage of a debt consolidation loan is lowering the amount of interest you're paying on your outstanding debt.People typically use debt consolidation loans to pay off their high-interest debt—like credit card debt, which can have interest rates that range from 18-25%.

Debt consolidation is a method of taking out a new loan to pay off the high-interest debt in an effort to streamline monthly payments and save money over time.A debt consolidation loan lets you pay off existing debt by transferring it to a single loan, with one monthly repayment.Most lenders check your credit record when you apply for a loan, but some are still willing to consider your application even if you have had problems managing your finances in the past.When you consolidate all your existing debt into one new loan, you only have to make payments to your new lender.Making only one payment is not only easier, but it can save you from dealing with late and missed payments—which can occur when juggling multiple different payments each month.

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