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 AnnualCreditReport.com 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
Connect with us!
If you would like to learn more about the process of obtaining a bill consolidation loan from Citizens, or if you would like to learn more about other types of loans we provide, we encourage you to contact us today or stop by any of our convenient locations. You can also get the process of applying for a loan started now, simply fill out our online application form and a friendly Citizens representative will contact you!