Example of Debt Consolidation
Credit Card Balance Transfer is one of the common debt consolidation methods. This method helps to reduce your balance with lower interest rates. The other function is that it is also being used to consolidate all your credit card balances from different cards into one single card. However, for licensed money lender, it merely means you are consolidating debts from different money lender into 1 single combined debts, making it easier to manage.
Personal Loans can also be used to consolidate all your debts. Most people transfer their higher interest debts such as credit cards, into lower interest debts.