Debt Consolidation: Debt consolidation combines multiple debts into a new loan with a single monthly payment. Impacts of consolidation on your rate and/or payment will depend upon the terms and conditions of your current loans versus those of a consolidation loan. You may be able to obtain a lower rate, lower payment or pay off debt faster. Reductions in your monthly payment could come from a lower interest rate, a longer repayment period or a combination of both. By opting to repay the debt over a longer period, you may pay more in interest over time. Contact us to discuss the option that best meets your needs.