Debt consolidation gathers your debt into a single loan so that you can repay multiple creditors through one monthly payment. The interest rate is often lower than what your existing creditors offer.
If you choose to participate in debt consolidation the financial institution will pay your creditors. In exchange, the financial institution will offer you a single monthly payment at a potentially lower interest rate. Your eligibility depends on your overall credit rating and the total amount of your debt. Talk to one of our professionals at Grant Thornton to find out if this is an appropriate option for you.
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