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What is a debt consolidation loan?
A debt consolidation loan is sort of like an umbrella loan; you are combining more than one outstanding loan together, or consolidating multiple loans into one loan.
There are many reasons why someone may wish to make use of a debt consolidation loan. One reason is to make life a bit easier. It is easier to make one monthly payment instead of two or three or more.
Another reason is that by consolidating the other loans, it may be less costly each month, meaning the one monthly payment may be lower than the other monthly payments combined.