Debt Consolidation

What is debt consolidation?

Debt Consolidation Definition: Debt consolidation refers to the process of taking out one loan to cover or pay off a number of loans or debts collectively. These multiple debts are combined into one loan, which may be paid off at a lower interest rate and with one monthly payment, which makes it easier for consumers to manage when they are looking to improve their financial situation and debt management.

It’s a useful way to tackle many types of loans, including student debt, credit cards, lines of credit, and personal loans. There are two main types of debt consolidation loans, unsecured and secured.

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