What is Debt Consolidation?
If you are in debt, there are several options available to you to consolidate your debts and thereby reducing your monthly payments or paying off your loans faster.
Debt consolidation is a method of taking several credit card debts, loans, and other liabilities and combining them into one new loan usually at a lower negotiated interest rate. Depending on your situation, debt consolidation is the solution to their financial problems.
However, like all loans, it should not be taken on lightly. In most cases, the amount of debt you owe may stay the same but the term of the loan may be extended. This results in lower monthly payments but does not reduce the total amount you owe. It will however cost you more in interest payments in the long run.
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