A few credit providers and financial institutions offer a debt consolidation loan. These are taken out by individuals who have incurred a individual debts, and a debt consolidation loan aims to help pay the debts off by paying only one major loan.
First let us explain what a debt consolidation loan is. You must remember that this is still a loan that you are taking out, but the advantage with it is that you take out a single loan in which you will now include all your high-interest loans such as credit card and personal loan and hire purchase debts.
Debt consolidation is mostly taken out by taking another home loan that will cover your existing debt. This leaves you with only servicing one loan with a possibility that the interest rate on this will be much lower. Credit providers will also be able to remove your blacklisting or judgement and clearing your credit record.
Another advantage is that if you are in danger of defaulting on your other payments, by taking out a debt consolidation loan you are able to immediately pay them off. To apply click here
You will have to realize that this will work for a few people and not everyone should take out such a loan. For instance if you will not be able to pay off this long term loan.