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What is debt consolidation?

Many people have heard of debt consolidation, but what is it exactly? Debt consolidation consists of taking out one, secured loan to pay off many smaller loans. The theory behind debt consolidation is that debtors can get a lower interest rate on one, secured loan instead of continuing to face growing interest rates on several unsecured loans. Debt consolidation works well for people that can afford to consistently pay the monthly loan payment. However, those who use their home as collateral and do not make the monthly payment could face foreclosure. Speaking with a bankruptcy lawyer could be invaluable in helping you assess whether debt consolidation is best for you.

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