Debt consolidation loans are a type of loan that can be used to combine multiple debts into a single, more manageable monthly payment. This can be a helpful way to reduce interest costs and get out of debt faster. Debt consolidation loans can also be used to improve your credit score and make it easier to qualify for other types of loans in the future.
There are many different types of debt consolidation loans available, so it’s important to shop around and compare rates before you choose one. You’ll also want to make sure that you understand the terms of the loan and that you can afford the monthly payments.