I keep seeing people mention debt consolidation as an option. I have a few credit cards so I feel like this might be a good option but am a little confused about how it will work.
Debt consolidation is if you have multiple credit card accounts open or loans but pay for them all on the same monthly payment. This makes it easy to keep track of when which payment is due, since they will all be paid on the same date. As you mentioned, since you have multiple credit cards consolidating your debt may be a good idea. This may also have the added bonus of lowering your overall interest on your debt. There are a variety of loan consolidation programs, so if this is something you are considering make sure you thoroughly research each before reaching a decision. Good luck!
Debt consolidate will combine all of your outstanding debts into one monthly payment. The goal behind consolidation is to reduce the interest you owe, and as a result lower your payments, so you can begin making those payments on time and begin to save money.
When consolidating a federal student loan, you can also choose which federal lender you want to consolidate with. This means that if you didn’t enjoy the customer experience with the federal lender you originally took out the loan with, you can switch to another federal lender. For me, I wanted a more responsive customer service experience, so when I consolidated my debt I moved to another lender. Not only did I get a lower interest rate on all of my loans, but I also feel much more cared after with my new federal lender.