People have different reasons why they look to consolidate their debt, but among the most important ones are the following:
- 1. Save money on interest
- 2. Lower monthly payments
- 3. Have one manageable bill per month instead of many small bills
- 4. Easier to keep track of due dates
- 5. Easier to keep track of how much is owed
- 6. Making extra payments is much easier when there's only one loan
- 7. Saves time with bill paying
- 8. Reduces the possibility of forgetting to pay the bill
- 9. Saves money on postage and checking writing fees
- 10. Makes it easier to know how quickly the loan will be paid in full