How to calculate whether debt consolidation is worth it

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If you are looking for a debt consolidation loan, you can check your rate with up to 40 lenders by visiting our marketplace page. And the application won't affect your credit. https://theyukonproject.com/debt-cons... • When considering debt consolidation, it's important to carefully choose which debts to consolidate and which ones to leave out of the process. One key consideration is to avoid consolidating debts that already have a lower interest rate than the Annual Percentage Rate (APR) offered on the consolidation loan. If your existing debts have better interest rates, consolidating them could lead to higher overall costs, defeating the purpose of saving money. • Similarly, consolidating debts that you're close to paying off may not be the best strategy. If you're almost finished paying off a particular debt, it's more efficient to focus on clearing that balance instead of rolling it into a new consolidation loan. Combining such debts could extend the repayment period, potentially increasing the total interest you pay in the long run. Thus, it's crucial to evaluate your existing debts, their interest rates, and how close you are to paying them off before deciding which debts to include in your consolidation plan. This thoughtful approach can help you make the most financially beneficial choices and ultimately save you time and money. • Website: https://theyukonproject.com • Instagram: / yukon_project • Facebook: / theyukonproject • YouTube Channel: / @theyukonproject • Apply for a personal loan: • https://theyukonproject.com/product-c... • Apply for a consolidation loan: • https://theyukonproject.com/product-c... • Apply for a credit card: https://theyukonproject.com/category/... • Tailored actionable steps to a 700 credit score • Build Credit with our FREE service: https://theyukonproject.com/free-cred... • Find a financial Advisor: https://theyukonproject.com/product-c... • Find the right savings, checking, CD, Account for you: https://theyukonproject.com/find-the-... • #debtconsolidation #personalfinance #budgeting #moneymanagement #debtpayoff #debtmanagement #debtrelief #debtproblems

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