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With a personal loan (also called a debt consolidation loan), you borrow a fixed amount of money for a specified period of time (usually 3-7 years).
The loan can be used to eliminate existing credit card debt, leaving only the personal loan to be repaid.
Theoretically, any use of one form of financing to pay off other debts is practicing debt consolidation.
However, there are specific instruments called debt consolidation loans, offered by creditors as part of a plan to borrowers who have difficulty managing the number or size of their outstanding debts.
Because credit card debt usually carries double-digit interest rates, consolidation can provide significant interest savings over time.
The best consolidation options include balance transfers, personal loans, or secured loans.
Debt consolidation is the process of combining your existing debts into one new debt.
One is to consolidate all their credit card payments onto one new credit card – which can be a good idea if the card charges little or no interest for a period of time – or utilize an existing credit card's balance transfer feature (especially if it's offering a special promotion on the transaction).Creditors are willing to do this for several reasons – one of them being that it maximizes the likelihood of collecting from a debtor.The cliche about rearranging the deck chairs on the Titanic came to mind when I read your question.Debt consolidation won't address the real problems that may sink your credit rating!SEARCH RATES: If you're considering a personal loan for debt consolidation, first check out the rates at