Debt Consolidation

Debt consolidation refers to the process of combining multiple debts into a single loan, typically with a lower interest rate or more favorable terms. This can make it easier for the borrower to manage their debts and make payments, as they only have to worry about one monthly payment instead of several.

Debt consolidation can be done in a few different ways, such as taking out a personal loan, using a balance transfer credit card, or refinancing a mortgage. The idea is to use the new loan or credit card to pay off the existing debts, leaving the borrower with only one payment to make each month.

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