Debt consolidation reduction loan. This will be that loan for which a specific borrows cash to settle many different existing debts, e.g. charge cards, or overdrafts. Combining these various loans into one means there is certainly only 1 month-to-month payment to make, in the place of a few. It will help make things easier and manageable for a few socia individuals – permitting them to keep track and handle their cashflow and debts.