Best companies consolidating credit cards

And you could wind up in a worse situation if you’re not careful.

Pros: The interest rate on home and auto loans may be lower than on credit cards, partially because they’re secured loans.

This typically involves you making a single payment to the credit counseling company, which in turn pays each of your creditors.

Sometimes, the organization can negotiate lower interest rates or monthly payments on your behalf.

You’re also taking on secured debt in exchange for paying off your unsecured credit card debt.

If you’re unable to pay the bill, you risk losing your home or vehicle.

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