Debt Consolidation

First of all before addressing debt consolidation, what is a debt? A debt basically refers to the money owed by one individual or company to another who is known as the creditor. The debt mostly consists of the principal amount which is the amount borrowed plus the interest which is payable in timely intervals. They are usually secured with collateral which refers to some asset whose value is greater than that of the loan. Debts usually consists of loans taken for buying houses, credit card…