Debt Consolidation

Debt Consolidation

What is Debt Consolidation?

A consolidation loan involves taking out a new loan to repay a number of existing debts thereby consolidating them into one loan.

The loan may be on an unsecured or secured basis. The interest rate will generally be lower on a secured basis due to the extra security for the lender.

This type of arrangement may result in lower monthly payments without affecting your credit rating but it may take longer to clear your debt.

The consolidation loan may be a viable option if you have a relatively low level of debt, few creditors and a reasonable credit rating.

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