What Are the Goals of Debt Consolidation?

[Suba]

Debt consolidation is a way to combine several debts into one debt. The form of debt consolidation loans can be personal loans, credit cards, mortgage loans, student loans, etc. While the types of debt consolidation loans that we often encounter are secured and unsecured debt consolidation. So in your opinion, what are the goals of people making debt consolidation?

 

[Nomad]

Debt consolidation has two purpose, one, to reduce your payable interest, and two, to make your loan repayment easier.

 

[Suba]

Many people enter into debt consolidation with the intention of reducing the amount of interest they have to pay and also reducing late payments on different debt platforms.