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There are also a variety of private lenders that will allow you to consolidate either private or federal student loans.By using debt consolidation loans, you can save considerably — sometimes up to 40 percent of the total debt.Debt consolidation usually involves obtaining a personal loan that pays off all of your unsecured debts.Then, instead of making multiple payments at high interest rates, you have only one payment to make at lower interest.“If you don’t make any changes in that realm, then you’re probably going to grow your debt again.” Sometimes, the terms debt management, settlement, and consolidation can be confused.
If you know that wouldn’t be overwhelming to you, that makes a lot of sense.
Above all, the approach has to match the need and the comfort level of the borrower.
Some people prefer a DIY debt management plan, while others benefit from simplified singular payment of a consolidation loan.
“Depending on the type of consolidation, there are firms that will negotiate any sort of debt that’s out there,” said Rod Griffin, director of consumer education for the credit bureau Experian.
“There may be restrictions by the lender, but generally, most debts can be consolidated or settled.” You can take out a personal loan to pay off existing debts and then work to pay off that loan over time.