How to Use a Personal Loan for Debt Consolidation
Debt can be overwhelming — especially when it comes from multiple sources like credit cards, medical bills, or other personal loans. If you’re juggling different due dates, interest rates, and lenders, it can be hard to feel in control of your finances. That’s where debt consolidation with a personal loan comes in. It’s a strategic way to simplify your repayment process and potentially save money in the long run. In this blog, we’ll walk you through what debt consolidation is, how to use a personal loan to make it happen, and the pros and cons to consider before moving forward. What Is Debt Consolidation? Debt consolidation means combining multiple debts into a single monthly payment. Instead of paying several lenders separately, you borrow a new loan (like a personal loan) and use it to pay off your existing balances. You’re left with just one loan to manage — ideally with a lower interest rate and a more manageable repayment schedule . Why Use a Personal Loan for Debt Consol...