💨 Abstract

Debt consolidation involves combining multiple debts into one low-cost, long-term personal loan, reducing the number of payments and interest rates. It can be beneficial for those with high-interest loans and improved credit scores. However, overspending should be avoided after consolidation. The impact on credit score depends on repayment behavior. Debt consolidation can streamline debt management, lower overall interest rates, and improve financial control.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖