Debt consolidation is the financial strategy of combining multiple debts into a single, manageable, lower-interest payment. Unsecured debts like credit card balances and medical bills have high interest rates, and reorganizing them into a single, lower- interest loan can save you money and help you pay your debt off faster
.Are debt consolidation loans a good idea
? If you have multiple unsecured loans you would like to consolidate and/or are finding the interest rates to be high on your existing loans then, yes, a debt consolidation loan could be an appropriate option for you.