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With an average balance of ,400, student debt is a big part of the average college graduate's life.
That being said, not all student loans are created equal.
That's where debt consolidation and other financial options come in.
Consolidate Your Debt Now Debt consolidation is combining several unsecured debts — credit cards, medical bills, personal loans, payday loans, etc. Instead of having to write checks to 5–10 creditors every month, you consolidate bills into one payment, and write one check.
Most unsecured debt consolidation loans offer terms between one and five years.
If you need longer to pay back your loan a few lenders offer terms up to seven years, but this tends to only be for loans over 10,000.
However, such consolidation loans have costs: fees, interest, and "points" where one point equals to one percent of the amount borrowed.
To make consolidating your debts worthwhile you need to find a loan that offers a cheaper interest rate than you are currently paying.
Representative Example: The representative rate is 3% APR (fixed) so if you borrow £10,000 over 2 years at a rate of 1.8% p.a (fixed) plus an arrangement fee of £130.00 you will repay £429.83 per month & £10,315.92 in total.
Representative Example: The Representative APR is 3.2% so if you borrow £10,000 over 5 years at a rate of 2.7% p.a.
These are not quick fixes, but rather long-term financial strategies to help you get out of debt.
When done correctly, debt consolidation can: There are several ways to consolidate debt, depending on how much you owe.