Consolidating debt pros and cons

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This makes it more likely that a lender will approve you for a mortgage.

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If you can’t afford to pay off the loans in full, you might want to consider consolidating the debt into one loan.Paying off your student loans in full is also not recommended if it means draining your savings account or emergency fund.You should still have cash set aside in case of an emergency.For example, if you have student loan debt of ,000 at an interest rate of 7 percent, with a loan term of 10 years, paying off the balance in full would save you ,932.94 in interests.You should think of paying off debt as an investment.

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