Sat Sep 14 02:56:00 UTC 2024: ## USDA Launches Debt Consolidation Tool to Help Farmers Save Money

**WASHINGTON -** The U.S. Department of Agriculture (USDA) announced the launch of a new online tool, the Debt Consolidation Tool, designed to help agricultural producers save money on their farm operating debt. The tool, accessible through farmers.gov, allows producers to input their debt information and evaluate potential savings by obtaining a debt consolidation loan with USDA’s Farm Service Agency (FSA) or a local lender.

Debt consolidation loans combine multiple existing loans with potentially unfavorable rates into a single, larger loan with potentially more favorable terms like lower interest rates and payments. This can provide farmers and ranchers with additional cash flow flexibility.

The tool is part of FSA’s efforts to modernize its Farm Loan Programs and enhance customer service. “This tool empowers farmers and ranchers to achieve financial viability by identifying potential savings that can be reinvested back into their operations, retirement accounts, or education funds,” stated the USDA in a press release.

The tool can be accessed on any modern browser without requiring a farmers.gov account.

This announcement follows other recent improvements to FSA’s Farm Loan Programs, including the Enhancing Program Access and Delivery for Farm Loans rule which takes effect on September 25th, 2024. This rule aims to assist borrowers in making strategic investments for their agricultural operations.

The USDA encourages producers to reach out to their local FSA farm loan staff for information about the wide range of loan and servicing options available to assist in starting, expanding, or maintaining their agricultural operations.

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