Debt consolidation

Debt consolidation means that you take all the money you owe to different people or companies and put them together into one big payment.

Think of it like putting all your marbles in one jar instead of having them scattered in different jars.

So instead of having to worry about paying many different bills with different interest rates and due dates, you only have to pay one bill every month with a fixed interest rate and a fixed due date.

It’s like your mom or dad giving you an allowance every week and you putting all the money in one piggy bank instead of buying candy, toys, or other things with the money.

Debt consolidation can make things easier for you to manage and can sometimes lower your monthly payment, but it’s important to make sure that you understand the terms and conditions before agreeing to a debt consolidation loan or program.