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TOD’s TIPS on Consolidating Debt 

There are three main advantages of consolidating your debt while the Interest Rate are Low!  

1) Where you can save money is on a lower interest rate. Cutting your interest rate means more of your money will be going toward the principal balance, not interest — which means your debts will be paid off sooner. Especially if you have an egregiously high credit card rate, the savings can be significant. 

2) The other advantage of consolidating your debt is a potential boost to your credit score. As mentioned above, a lower credit utilization ratio (the percentage of your credit that you’re actively using — i.e., your credit card debt) correlates strongly to having a better score. That’s because, after timely payments, the second biggest factor in your credit score is having low levels of debt. 

3) Finally, you might find it easier to pay a single bill every month rather than three or four or more. That’s going to help you pay down your debt faster by not saddling you with credit card fees for late payments. It can also help you avoid torpedoing your credit score any further by missing payments. 

TOD’S TOP 4 Signs You Should Consolidate Your Debt 

• You are ready to pay down your debts and put them behind you. 

• You want to save money on interest by securing a lower monthly payment. 
• You may qualify for a lower payment that would make managing your debts easier. 
• You are tired of juggling multiple bills every month.