Bill Consolidation Facts

READER QUESTION

What are the advantages of consolidating bills?

Read full question
Bills.com Resident Expert
Dec 12, 2011
BILL'S ANSWER

Thank you for visiting Bills.com. Here is an answer to your question.

Bill consolidation can benefit you in many ways: i) monthly cash flow, ii) total savings, iii) interest deductibility, and iv) your credit rating.

However, all forms of debt consolidation are not the same. You need to consider your specific situation, including if you own or rent your home, your monthly debt to income ratio, and your credit rating. A program like a debt consolidation loan may lower your monthly payment, get you a lower rate than most credit cards, and the interest is tax deductible. Alternatively, a program like negotiated debt settlement may lower your monthly payment, get you debt free fast, save half of what you owe, but it could negatively impact your credit rating.

These are a few of the considerations. If you would like more information, please visit our debt consolidation resource page

I hope this information helps you Find. Learn. Save.

Best,

Bill

www.bills.com/

No Comments


Thanks for your feedback!
 
Thank you for subscribing!