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How does debt consolidation work?
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[QUOTE="Yusra3, post: 342771, member: 31907"] As someone who has gone through the debt consolidation process, I can attest that it provides much-needed relief when you're juggling multiple debt payments. The basic idea is to take out one larger loan to pay off all your existing debts, leaving you with just a single monthly payment on the new consolidation loan. In my case, I had accumulated balances on several credit cards along with an auto loan - a stressful mix of payments at varying interest rates. By consolidating through a personal loan, I locked in a lower fixed rate and level monthly payment that fit my budget. Though my repayment period restarted, the lower interest saved me money long-term. The consolidation application process is similar to any other loan, requiring proof of income, credit check, and potentially collateral. But having all my lingering debts combined into one manageable payment brought considerable relief. Just be disciplined about not reaccumulating those balances again. For me, debt consolidation was a fresh start that enabled gaining control over my finances. If your debt feels unmanageable, it's definitely worth exploring. [/QUOTE]
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How does debt consolidation work?
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