Debt consolidation is the process of combining multiple debts into a single, lower-interest loan. This can be done through a variety of financial institutions, including banks, credit unions, and online lenders.
How does debt consolidation work?
When you consolidate your debt, you take out a new loan that is large enough to pay off all of your existing debts. You then use the new loan to pay off your old debts, and you are left with a single monthly payment to manage.
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