Things to Know About Debt Consolidation

Debt consolidation is a common choice among individuals struggling to pay their mounting stack of bills each month. It is a way to combine your debt into one easy monthly payment and lower your annual interest rate. While bill consolidation is a good option to get out from under your bills in a shorter time frame, there are still a few things you need to consider before choosing to consolidate:

  • Check your credit score: Many consumers are not aware that each year they are eligible to receive a free credit report from each of the three major credit-reporting agencies. If you have not done so yet, visit and receive your free copy of these reports. This is a good way to see if you are eligible to receive a debt consolidation loan and get an overview of all of your outstanding debt.
  • Review all outstanding debts: Before proceeding with the consolidation process, make a table itemizing all of your outstanding debt. This will give you a firm understanding of what you owe each month and the ability to rank which are the most important for you to consolidate. 

  • Research all of your options: As with anything else, researching all of your options is crucial. It is important that you choose the best option that suits your individual needs. Review different interest rates and minimum requirements for different types of loan approvals.


Citizens Savings & Loans can help you consolidate your debt with one of our bill consolidation loans. We can combine all of your monthly bills into one single payment; you may even be able to receive additional cash from your loan.

It’s simple to get started, just fill out our convenient online application today. For more information regarding our bill consolidation loans or our other lending services, contact one of our local offices. We look forward to hearing from you!