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People who have loans from private dealers are also sometimes surprised to learn that consolidating their car loan will save them money every month. After all, debt consolidation can be used for a variety of different kinds of debts, so why not car loans? Let's explain, and then you can decide whether it's a good idea in your case. Check that your new interest rate is lower than what you are currently paying, otherwise you may end up finding yourself in more debt. For instance, what happens if your circumstances change, how will you manage? The vehicle acts as the collateral, which the lending institution can take if you default on the loan. Well sure—but it comes with a couple of pretty big caveats that might sour the milk for you. Another exception is a car loan with payments that are too high. Can I use a credit card to consolidate debt if I have bad credit? Advertisement Of course, those situations aren't the norm, and most of us with credit card bills looking to get rid of them aren't in that position. This prevents you from being charged additional fees, and helps you quell the temptation to use it and grow more debt. Do it right, and you can end up saving a good chunk of money per month. It can have a negative effect on your credit score. If your finances are a little shaky, be extremely wary of any institution that offers you debt consolidation.
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The line of credit will allow me to consolidate my debt at a much lower rate of interest and with a minimum payment that is less than half of what my payments are today. If the loan payment is more than you pay towards your debts and it fits into your budget , it might be time to up the ante and just put more money to your credit cards. This is a serious problem in Canada right now; Canadians are carrying record levels of debt and finding it near impossible to save sufficiently for retirement.