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Should you use a personal loan to relieve debt?

If debt relief is on your mind, there are several strategies you can rely on to reach your goals.

Whether or not you use a personal loan to relieve your debt is a big decision. On one side of things, this brings all your debt under the same roof. On the other side, you are still stuck with the same amount of debt, it's simply consolidated.

The primary benefit of a personal loan is the ability to organize your debt. For example, instead of having five credit cards with a balance, you can have one personal loan.

Another thing to consider is the ability to save money on interest, especially if you are currently carrying high interest debt.

While there are definite benefits of a personal loan, you need to remember this: You will have the same amount of debt once you transfer the money. This means that you still have to make a monthly payment, which you may or may not be able to comfortably afford.

If you find that a personal loan doesn't have anything to offer, as you are still unable to make your debt payment, you need to consider other options.

Maybe you want to negotiate your debt with your lender. Or maybe you look into the benefits of filing for bankruptcy.

Any debt relief strategy is one to think about, but you can only do so much to reach your goals. If you want to eliminate your debt once and for all, it will take a dedicated plan with an eye towards the future.

Source: Bankrate, "The pros and cons of personal loans," accessed Aug. 24, 2017

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