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An insider's guide to debt consolidation

More Articles:

Is there an acceptable amount of debt to carry?
How do I know if I need help with my debt?
How long does credit counseling payment-reduction take?
Can I consolidate debt onto one credit card?
What are the benefits of consolidating debt through a bank loan?
Is it wise to consolidate debt by refinancing a mortgage?
*How should I handle debt after I consolidate?

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What are the benefits of consolidating debt through a bank loan?

Stability, for one. Even though the interest rate on a bank loan might be higher than promotional APRs from a credit card company, receiving a fixed-rate bank loan for debt consolidation means that, provided you make payments on time, you'll be paying the same interest rate for the life of the loan. Remember that replacing short-term high rate debt with long-term lower rate debt may result in you paying the same amount in finance charges on the debt over the life of the longer loan. Borrowing from your bank also strengthens your relationship; if you need another loan and you have a good track record, the bank will be more willing to help.