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Debt Consolidation loan is given by the bank to the borrower to repay all the loans taken. It is a kind of refinance through which the borrower is able to payoff the earlier loan. For example, debt consolidation home loans are given to repay all the loans taken for home purpose, that is, purchase, home improvement, home equity loans etc. It is one of the debt reduction programs which the bank undertake to reduce the debt & get money at the earliest. Also known as money management financing, is a service provided by the bank to its customers. Through such programs debt reduction happens at a faster rate & at least a part of money is available to the banks. Consolidate debt settlements tae place because of such loans.
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