While this will mean he’ll pay more interest in the long run, it may help him better manage his payments in the short term, helping to prevent missed payments or even default.
Credit cards and other high-interest unsecured debt (debt not backed by collateral) are the main reasons many people consider debt consolidation.
For example, let’s look at our hypothetical friend, Pete.
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A few weeks ago, while in line at the grocery store, I glimpsed a woman whose wallet held more credit cards than I’ve ever seen in one place.
Upstart is a newer lending platform, having only been in business since 2012, and was founded by previous Google employees who wanted to disrupt predatory lending practices often found in the subprime space.
Upstart offers loans of up to $50,000, and borrowing terms are based on far more than just your credit score, such as your career trajectory and income.
Not only would he be able to simplify his payments, but he’d lower them, as well.