Consolidating debt debt consolidation loan online

Debt consolidation is where someone obtains a new loan to pay out a number of smaller loans, debts, or bills that they are currently making payments on.

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A bill or debt consolidation loan gives you the money you need to pay off your debts by combining multiple bills into a single, affordable monthly loan payment.The key element to getting out of debt is to understand debt management (aka having a plan).While it is generally true that there can be “good” debt and “bad” debt, Carpe’s approach to debt management is to first achieve the lowest possible interest rate before deciding which falls into which category.Debt consolidation is bringing all your existing debts together into one new debt, which can help you manage your repayments and give you a clearer picture of your financial future.You typically do this by taking out a new personal loan to repay your other existing debts, and then paying this new loan back over a set term.