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Debt consolidation is when a borrower pulls together a variety of debts and turns them into one debt owed to one lender. For ecample, Sara owes money to credit card companies A, B and C. She moves the debt to credit card issuer D by using checks from D to pay off A,B and C.  She now owes the same amount of debt to D.

The main reason to consider debt consolidation is to lower the rate of interest due on the debt. It also helps to only have to deal with only one lender.


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