Government Debt Consolidation Loans – Update

la428282 asked:


My debt is as follows:
Student Loans: approximately 25k
Credit Card : 5,500
Car Loan: 8k

I am about to enter my 3rd year in my first “real job” after college- and i think its time to get ahold of my finances. I am no longer taking loans (obviously) or using my credit card.. and my each religiously monthly.

But.. ive heard about debt consolidation loans and im confused:

1. do they lower your monthly payment?
2. Do they negatively affect your credit?

If someone could explain what they are, if theyd be good for me, pros and cons etc id really appreciate it!

thanks!

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