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Keep reading to learn more about debt consolidation, or skip ahead to find reviews of our top companies for best debt consolidation loans.How it Works | Company Reviews | Bad Credit Approval Tips — several loans with different terms into one loan, hopefully with more favorable terms.
Bad does not include the entire universe of available offers.Bad is a free online resource that offers valuable content and comparison services to users.To keep this resource 100% free, we receive compensation from many of the offers listed on the site.So, Pete is currently paying four different people, at four different times, with four different interest rates.
In an ideal consolidation world, Pete would be able to pay off all four of his loans with a single, larger loan that averages out to a lower interest rate than his current debts carry.Not only would he be able to simplify his payments, but he’d lower them, as well. At the very least, Pete could lower his monthly payments by getting a new loan with a longer term length — up to 30 years in some cases.