A personal debt consolidation loan is a type of loan that allows you to combine multiple debts into a single, lower-interest loan. This can make it easier to manage your debt and save money on interest. Personal debt consolidation loans are typically unsecured, meaning they are not backed by collateral. This makes them a good option for people who do not have a lot of assets to secure a loan.
Personal debt consolidation loans can be a helpful tool for managing debt and improving your financial situation. However, it is important to compare interest rates and fees from multiple lenders before choosing a loan. You should also make sure that you have a plan for repaying the loan on time.