Debt consolidation involves taking out a new personal loan that is used to pay off all your existing debts. This way, you can focus on repaying only one monthly amount to your new lender instead of several monthly payments to various creditors.
You must repay your debt in full – with interest.
You only have one monthly payment to worry about.
Any fees charged for this service are usually very low.
Your debt will be paid off in a set amount of time (typically 2 – 5 years)
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