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Is consolidating credit card debt a good idea

Consolidate student loans and credit cards into one loan, however, and most of these advantages go away.

Recently a close friend showed me how she was going to consolidate their high-interest debt into their mortgage to reduce their overall interest rate and free up hundreds of dollars in cash flow every month.

While this will not result in one monthly payment, it may still be the most financially advantageous choice overall.

Do research before actually applying for a consolidation loan.

Depending on the type of student loan, several student loans can be consolidated into one student loan with equally attractive (or better) interest rate terms and still retain student loan status.

This makes the consolidated loan still eligible for possible tax deductions and deferment if the borrower qualifies, but only if the student loans are consolidated under a special student loan program.

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