A debt consolidation loan is a loan you use to combine your existing debts into a single debt with one monthly payment. Using a debt consolidation loan can reduce the total interest you owe on the debt and help you pay it off faster. It can also make paying down debt simpler, as you only…

Colin Thompson is a writer at NerdWallet. Email: cthompson@nerdwallet.com.

The article What Is a Debt Consolidation Loan? originally appeared on NerdWallet.

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