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The loan may be obtained through debt relief companies, or through your bank, or as a home equity loan if you own a home.Although this approach has the basic appeal of consolidating your debt into one monthly payment, there are significant costs and risks involved: As one of the nation's leading non-profit debt management agencies, ACCC offers a way to consolidate unsecured personal debts without having to borrow more money. In short, we work out an arrangement with your creditors whereby you make one consolidated payment to ACCC each month and we then make the monthly payments to your creditors.How does debt consolidation work when a loan is involved?Essentially, you take a sizable loan, use those funds to pay off all your creditors, and then make monthly payments on the loan.

There's too many accounts to keep track of, a stack of bills on your desk each month, and if you fall behind, a steady drumbeat of phone messages from creditors who want to be paid.Your financial history — including your credit score, income, job history and educational background — will dictate your new interest rate when you refinance.You typically need a credit score at least in the high 600s to qualify, and rates range from around 2% to more than 9%.Are you looking for a loan to help you keep more cash in your pocket every month?By consolidating your high interest debts, you may enjoy the relief you need.But it’s only for federal loans, and it won’t cut your interest rate.

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