When you have debt payments in multiple locations, it can be hard to keep track of them. You may want to consider debt consolidation to have everything in one spot. Debt consolidation is the process of combining two or more debts into a single, more significant debt. It could make paying bills more convenient to have it all in one place, but you should check with your financial institution to see if it’s the best option for you. Here are a couple of pros and cons of consolidating your debt.
Everyone’s financial situation is different. Talk to one of our Member Service Specialists today to see if debt consolidation is right for you. To read more about debt consolidation, check out an article from Bankrate here.