A debt consolidation loan is a type of loan that combines multiple debts into a single, more manageable monthly payment. This can be helpful for people who are struggling to keep up with multiple debt payments or who are paying high interest rates on their debts. Debt consolidation loans typically have lower interest rates than credit cards or other types of unsecured debt, and they can help people save money on interest payments over time.
There are many benefits to debt consolidation loans, including: