This is because it gives you an opportunity to service all your small loans as one single debt.
Therefore, there is ease of payment because you will only be dealing with one debtor.
A loan with a longer term may have a lower monthly payment, but it can also significantly increase how much you pay over the life of the loan.
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Consolidating multiple loans means you'll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner.
By understanding how consolidating your debt benefits you, you'll be in a better position to decide if it is the right option for you.
One of the first things you’ll want to do is check your credit reports for accuracy.
An error on any of your credit reports could prevent you from qualifying for the debt consolidation help you need, so .