Debt Consolidation

Debt consolidation is done when you take out a loan to pay off your other loans usually for credit card debts. Doing this enables you to secure a lower interest or even get a fixed interest rate on your loan. Commonly done for the practicality of being able to pay off a single debt instead of many, this means you are able to pay it off sooner rather than later so you do not incur any more interest on the loan.