Debt consolidation loan is a loan is loan specifically taken up to reduce the debt burden of a borrower of an existing loan. The debt consolidation loan can be used for repayment of any personal loan or other liabilities. The debt consolidation loans are given at favorable terms to the borrower.
For example, a borrower has a high-interest rate debt that takes a large sum of interest payments every month. He gets a debt consolidation loan and uses the proceeds from the new loan to pay off the high-interest rate loan. Now the new loan has a lower interest payment to make every month.
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