Financial Term: Debt Consolidation

Debt consolidation is a scenario when a borrower takes out a personal loan and uses the amount to pay off other debts such as outstanding credit card debts. Debt consolidation, under the right circumstances, is an effective method to reduce the overall interest charged on other outstanding loans and makes it more convenient by having only one monthly payment to make instead of multiple payments. Debt consolidation should be taken up only after careful consideration.

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