Debt consolidation loans

A debt consolidation loan combines multiple debts into a single loan with a single monthly payment. Borrowers can use it to pay off credit cards, medical bills, payday loans, loans from family and friends, and other personal loans. Getting a loan to pay off your existing debts consolidates these obligations under one umbrella, allowing you to save on interest costs by locking in a favourable rate. A debt consolidation loan also means having only one creditor to deal with, which is a much less stressful arrangement for most debtors.