Debt Consolidation

Debt Consolidation effectively wipes off all of your existing unsecured debts and transfers them over to another company. Debt Consolidation is basically a loan, a company will pay off, or 'consolidate' all of the debts that a person has amassed making themselves the only creditor.

They will then take repayments from the individual as you would with a regular loan. The upshot from the individual's point of view is that they get a more realistic time frame in which to pay back their debts. And the company giving the loan sees a return on their investment because they will charge a competitive interest rate. Essentially the interest rate may increase the amount of debt the person has but still allow it to be serviceable because they will have far more time to pay it.

In other cases, the loan may be taken out in order to repay several other loans that a person is struggling to pay. In these cases, they would be offered a lower interest rate than they are currently paying.

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