Strategies to consolidate debt

Those who have multiple debts may want to consider consolidating the smaller debts into one larger debt with a lower interest rate in order to potentially save money.

Steps to consolidate debt include first assessing your debt in order to get a better interest rate, and researching consolidation options such as a balance transfer credit card, consolidation loan or home equity loan. 

It's also important to learn to fully understand the potential pitfalls and risks, choose the right debt consolidation method and know how to navigate the debt consolidation process. The application and approval process will trigger a hard inquiry on your credit report, which will lower your credit score by a few points, and once you're approved it's imperative to try and pay off the entire balance within the introductory period. 

Read more: Business Insider

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