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The interest charged on these types of offers is usually quite high, and if you don't pay it off, in full, by the due date, you may owe the interest from the time of the initial purchase.All of a sudden that couch could almost be double the price!
The key is to minimize interest costs, so paying off the debt with the highest interest rates is a good starting point.So instead of making multiple payments, you're now just making one. Paying off more than one debt at a time is not uncommon.Finally, bad credit can keep you from getting a good interest rate, which negates the main purpose of a debt consolidation loan.But obtaining debt consolidation loans with bad credit is possible if you fall into that category.
A good rule of thumb is: debt consolidation is not a good option if your debt is more than 50 percent of your income.