Debt Consolidation is the process of combining multiple debts into a single loan with one monthly payment.
Personal Loan Context:
“To simplify her finances, Maria opted for debt consolidation, combining her credit card debt and personal loans into a single monthly payment.”

Credit Card Debt:
“John struggled to manage multiple credit card balances, so he pursued debt consolidation to lower his interest rate and streamline his payments.”

Debt Relief:
“By using debt consolidation, Sarah could lower her monthly payments, making it easier for her to pay off her outstanding balances.”

Loan Application:
“David applied for a debt consolidation loan to pay off his medical bills and auto loan, which allowed him to manage just one payment moving forward.”

Financial Planning:
“Debt consolidation is often recommended as a strategy for those with multiple high-interest debts who want to simplify their finances and reduce interest costs.”