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Debt Consolidation is the process of taking all your existing debts and paying them off in one go by taking out a personal or secured loan. The idea is that you pay off all your debts with the loan, so instead of making several payments each month to all sorts of different debts you only have to make one fixed monthly payment.
There are a few things that you need to consider before taking out a loan to consolidate your debts. The main thing to consider is the risk of acquiring more debt to deal with debt. You need to be sure that you will be able to meet the monthly debt repayments and also close the accounts that you have cleared with the loan. If you opt for a secured loan and cannot keep up repayments, your house or assets may be at risk.
If you have several different types of debt, and you are paying out lots of different bills every month, with varying rates of interest and you are struggling to keep up, it might benefit you to consider your debts into one monthly payment.
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