Consolidation Loan

A consolidation loan is a financial tool that allows you to combine multiple debts, such as credit card balances or student loans, into a single loan. This can simplify your payments by giving you just one monthly bill instead of several. Often, consolidation loans can offer lower interest rates, making it easier to manage repayments and potentially reducing the total cost of the debt. However, it’s important to consider the terms and fees involved, as consolidating does not eliminate the debt itself but can make it more manageable over time.