A debt consolidation loan is a loan that helps you refinance your debts and consolidate smaller debts into one loan with a single recurring payment.
If you have multiple outstanding debts, you may find it difficult to stay on top of your payments, making it hard to keep track of your finances and achieve your financial goals.
With a debt consolidation loan, you can refinance or “consolidate”, your debts into one combined loan. A debt consolidation loan often has lower rates and better terms which can reduce your monthly payment amounts.
What are the benefits of a debt consolidation loan?
A debt consolidation loan is a financial product that can help you get out of debt faster and save money. With one monthly payment rather than multiple individual payments, you’ll be able to keep track of your finances easier and pay off your debt faster.