A debt consolidation loan can be an effective tool to help you pay off high-interest debt, but its not right for everyone. Make sure to weigh the pros and cons and consider alternative strategies. (iStock)
A debt consolidation loan is a borrowing tool that allows you to combine existing unsecured debts into a single personal loan. This type of loan can help you to pay off debt by reducing your interest rate and consolidating multiple monthly payments into just one.
A debt consolidation loan can be an effective tool but its not right for all situations. Keep reading to get a breakdown of when a debt consolidation loan might be a good idea, as well as some alternatives you can also consider.
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