*Disclaimer: Please note that the calculation results are estimates based on our most up-to-date information sourced from lenders’ publicly stated methodology and first-hand accounts. The results do not include special offers, such as cash back incentives, or any discharge, registration, reinvestment or transfer fees you may also incur.
Some borrowers wind up in worse shape, either because they run up their credit cards again or because their debt remains overwhelming despite the better repayment terms.
Consolidation works best as part of a larger plan to become debt-free; it shouldn’t just be a way to buy some breathing room.
If you are consolidating debt just to get a lower interest rate without really knowing how you’re going to pay the debt off, then you are simply moving the problem around instead of facing it.
Why would someone consider “debt reshuffling” as an option?
Refinancing to pay off student loan debt might seem to add up on paper, but it’s actually risky when you consider the consequences.