Central Bank of St. Louis
Debt consolidation loans take the balances from multiple credit cards and put them into a single loan, leaving you with only one monthly payment to make. While it may sound like a simple solution, for this to be beneficial, the repayment period for paying of the consolidation loan must be shorter than what it would be for your existing debts. In most cases, a debt consolidation loan may look like the best route; however, it’s important to understand the impact on your full financial picture.
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