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Even if the interest rate is lower, you might pay more in interest over the life of the loan.
Stated simply, when you consolidate debt you take out one larger loan to pay off several smaller loans.
Debt consolidation loan providers include: Debt consolidation can be an efficient way to pay off your small business debt.
But you should also be aware of compound interest rates and the possibility of paying more interest over time.
Doing your homework will empower you to make the smartest financial decisions for your business.
Next, add together all of your existing loans to determine the total amount of your current debt.
Average together the annual percentage rate (APR) of each loan you are consolidating.
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Business debt consolidation sounds like a great idea, but before proceeding it’s important that you take some steps to be certain it’s a cost-saving choice for your business, and that you’ll qualify for a consolidation loan at a reasonable rate.