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Combine your debts into one easy-to-manage payment.
Debt consolidation is a financial strategy used to combine multiple debts into a single, manageable payment. The goal is to simplify debt management, potentially reduce the overall interest rate, and lower monthly payments. Here’s a more detailed explanation:
Debt consolidation involves taking out a new loan or credit line to pay off several existing debts. By doing this, you’re left with just one debt to manage, which can make budgeting and repayment easier.
