Debt consolidation allows someone to obtain a new loan to pay out a number of smaller, often higher-interest loans, debts or bills that they are currently making payments on. As a result of doing this, they effectively bring all these debts together into one combined loan with one monthly payment. Since this is bringing them into one loan, this is referred to as “consolidating” them. That’s why its often referred to as a debt consolidation.
In actuality, it’s technically impossible to combine loans and merge them into one. Each loan has its own pre-defined interest rate and re-payment terms. Each one is a contract where you borrow amounts of money and then agree to pay It back over a period of time with set payments. As a result, to combine or consolidate debts, you actually need to get a new, larger loan and then use the borrowed money to pay off all the smaller loans you wish to bring together (consolidate). The majority of people use debt consolidate loans to consolidate smaller loans, overdraft balances, credit cards, payday loans and much more.
If you require a debt consolidation loan, don’t hesitate to contact Danny Cimbron for the best possible rate and terms. Danny has helped thousands of Ontarian’s get off to a fresh start and save money in the process with a consolidation loan.
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