Debt Consolidation

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Debt consolidation is a means by which several loans (unsecured) are paid off by taking out a new loan (either secured or unsecured). The result is a single loan that the client will have to pay instead of many different loans. Debt consolidation will benefit clients because of the smaller interest rate the client will need to pay. The smaller interest is most often a result of collateral requirements. However, there are companies that consolidate debt that do not require collateral but still offer more advantageous interest rates. Another good result of debt consolidation is easier account management. Clients will no longer have to monitor several statements of account with different payment due dates. After debt consolidation, clients will only receive one statement of account and will only have to remember one due date for the consolidated loan.