Debt consolidation is the term used when a large loan, called a consolidation loan, is taken out to pay off several smaller loans, credit cards or other credit commitments and merges them into one larger loan. This usually means that the borrowers payments are reduced over the short term, making a consolidation loan more manageable than several individual loans. However, the borrower will be making payments over a longer period of time.
If you have many credit commitments then a consolidation loan can make your day to day financial situation more comfortable and although a consolidation loan will probably be more expensive in the long run it will help you get back on track.
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