Consolidating debt new mortgage
A lower monthly payment means you'll be paying more interest in the long run.In other words, you'll owe money longer and make your lender rich in the process.That’s a total monthly outlay of 7 at a minimum - ouch!By consolidating, you may be able to replace your three monthly bills with one payment carrying a minimum monthly obligation of about 5 - 0.When companies advertises that they can "save you money," what they are usually referring to is simply a reduction in your total monthly payments -- not a savings in the cost of paying off your debt in full.
The lower the APR you can find for this option, the more appealing it is.
Similarly, consolidating can make your budget more manageable by lowering your minimum monthly payment.
In the example above, let's say the three cards required minimum monthly payments of 9, 6, and .
As you can see, this is considerably less daunting.
However, this financial breathing room comes with a price.