So instead of sending payments to multiple creditors each month, you can make one payment to cover everything.This generally results in lower total monthly payments, and can help you avoid late payment fees and other penalties, since the billing and financial tracking is much easier to handle. Helping you get out of debt sooner, lowering your interest rate and monthly payments, and protecting your credit score. First, we determine if your financial situation warrants debt consolidation.I’ll later describe my methodology for choosing these three companies as the best debt consolidation loans online.I’ll also explain what debt consolidation is, different types of debt consolidation loans, where to get debt consolidation loans, alternatives to debt consolidation, and how to avoid scams.
That means paying less each month to one lender as opposed to paying more to several collectors.Factors we consider include your income, your credit standing, how much total money you owe, how many loans or debt sources you have, and the terms of those debts.There are several debt consolidation plan options, depending on each individual’s situation.Whichever approach you take, you’ll have only one monthly payment to make.We can help you determine if you are a good candidate for credit card debt consolidation.Live Smarter Going Forward If you’re approved for a debt consolidation plan, we'll work toward getting your debts paid, improving your credit, and moving forward with a sound savings plan. Rates and terms determined by overall credit history and subject to change. By submitting your email, you give First Source permission to send you informative and promotional emails, including information on upcoming events, products, and services.