Debt consolidation loan is:– is one loan taken to pay off many others small loans thus consolidating the small loans into one and only paying to one lender – the Debt Consolidation Company.
Debt consolidation allows you to manage debt more effectively and affordably, and should this be the right solution for you, a trusted registered consultant will negotiate with your creditors on your behalf to consolidate your existing debts.
Main reasons why you would consolidate your debt:-
1. It reduces the monthly cost of your existing debt funding by decreasing your interest rate payable. Thus saving you interest and relieving your monthly cash flow.
2. To get rid of the complication of having to pay back lots of creditors. By concentrating on one or two large creditors you‘ll make your money management issues far simpler.
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