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Debt Consolidation Loans Explained To Help Tackle Debt - NerdWalletA debt consolidation loan is a personal loan that you use to pay off high-interest debt, like credit cards or other loans. It's called a debt consolidation loan. Using a personal loan to pay off debt helps you get rid of multiple payments and go down to one payment per month � and hopefully with a much. Personal loans for debt consolidation can simplify a chaotic debt situation and may save consumers money both short term and for the long haul.
