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Consolidate debt to lower interest rates from "summary" of Debt Free for Life by David Bach
When you consolidate your debt, what you're essentially doing is taking out a new loan to pay off multiple existing debts. By doing this, you are left with only one loan to focus on, which can be much easier to manage. The main goal of debt consolidation is to lower your overall interest rates, which can help you save money in the long run. Lowering your interest rates through debt consolidation is especially beneficial if you have high-interest credit card debt. Credit card interest rates can be incredibly high, sometimes reaching 20% or more. By consolidating your credit card debt into a lower interest rate loan, you can potentially save hundreds or even thousands of dollars in interest payments over time. T...
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