The U.S. Department of Agriculture (USDA) has introduced a new online resource called the Debt Consolidation Tool. The new tool allows farmers and ranchers to input their existing farm operating debts and evaluate how much they might save by consolidating those debts into a single loan. This can lead to better loan terms, such as lower interest rates or reduced payments, providing financial relief and flexibility.
The Debt Consolidation Tool is user-friendly and accessible without needing to create an account and works on a variety of web browsers. The goal is to help farmers quickly identify potential savings that could be reinvested back into their operations, retirement, or college savings. This tool is part of USDA’s broader efforts to modernize farm loan services, making it easier for producers to manage their finances and achieve long-term financial stability.
Listen to the report below.
Brian German
Ag News Director / AgNet West