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How does debt consolidation work?
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[QUOTE="Leah Kelvin, post: 342938, member: 106815"] The concept of debt consolidation is where many debts are merged into one large debt that has better conditions like for instance lower interest rate. The main objective here is to make repayment easier for the borrower. The steps involved in this process include: analyzing all your current obligations, considering different options for consolidation such as credit cards with balance transfer features, personal loans, home equity loans, or proprietary debt consolidation programs; application for selected form of consolidation; expenditure of money borrowed into payment of the existing debts and subsequent servicing of the consolidation loan according to agreed terms. Tracking progress and managing payments is crucial to being finally out of debt. Debt consolidation can be a useful tool for facilitating repayment and potentially reducing interest expenses, but it’s necessary to think twice about these alternatives when choosing which suits individual financial circumstances and objectives the best. [/QUOTE]
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How does debt consolidation work?
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