I have a couple of student loans and I always get offers to consolidate and %26quot;lock in%26quot; an interest rate. What does this mean, and should I consider it?
What does consolidating a loan mean?
It basically means putting all your loans into one place and then you only pay one person the amount of the loan instead of paying several places. It is worth considering but you must get a good deal before saying yes.
What does consolidating a loan mean?
It is a loan that finances all your bills into one, so you only pay one bill unstead of two or three. It's a good deal if you have a lot of debt and if they offer you good interest rates.
What does consolidating a loan mean?
Consolidating a loan is like going to the bank and getting a line of credit and paying all your bills with that. The payment for that comes out of your bank account automatically each month with a interest payment. Because you are only paying interest once with the line of credit instead of many times over with all of your bills, you can save yourself some money. Also, the interest payment will be lower on the line of credit than it would be if you went to a company offering loan consolidation. Good luck!
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