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Glossary

Debt Consolidation

Debt consolidation refers to the process of combining multiple debts into one. The purpose of debt consolidation is twofold: to pay off debts more easily by having one payment instead of several, and, hopefully, to save on interest rates and penalties. You can consolidate your debts yourself, by transferring all your unpaid balances to one loan account, or with the help of a credit counseling agency.

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