A debt consolidation loan is a personal loan that allows you to consolidate many other debts into one. For example if you have three credit cards, you are able to eliminate credit card debt by obtaining a debt consolidation loan to pay off the credit cards, so you only one payment per month instead of three.
The following sections discuss the advantages and disadvantages of obtaining a debt consolidation loan, and explain the criteria you must meet to be eligible for a debt consolidation loan. (more…)
