A debt consolidation loan is a personal loan that is used to pay off other debts, such as credit card balances or medical bills. This can simplify your monthly payments by combining them into one, potentially lowering your interest rate and saving you money on interest charges.
Debt consolidation loans can be a helpful way to get out of debt, but they are not always the best option. It is important to weigh the pros and cons carefully before deciding if a debt consolidation loan is right for you.