What is Debt Consolidation All About?

Last Revised on December 28, 2009

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Debt consolidation is way to get rid of too many loans. You take out one loan to pay off many other loans. Some people who haven’t done that wonder why people consolidate their debt after all. People do it because it helps them secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan.

Debt consolidation is often advised by financial experts because credit cards can carry a much larger interest rate than even an unsecured loan from a bank. Debtors with property such as a home or car may get a lower rate through a secured loan using their property as collateral. Then the total interest and the total cash flow paid towards the debt is lower allowing the debt to be paid off sooner, incurring less interest.

For these reasons the credit debt consolidation is there. One website that provide such service is No Debt Today – a debt free service. They specialize in helping people solve their outstanding debts. Their program takes all of the current debts of the person and rolls them into one easy to manage loan package. And it also changes into an affordable monthly payment. That way you are able to consistently able to paying down the debts each month on time and not accrue anymore interest on it.

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