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Debt Consolidation

Debt Consolidation

Debt consolidation refers to taking out a new loan or credit card to pay off other existing loans or credit cards. By combining multiple debts into a single, larger loan, you may also be able to obtain more favorable payoff terms, such as a lower interest rate, lower monthly payments, or both. Here's how to decide whether you should consolidate your debts and how to go about it if you do.

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