A debt consolidation firm is a company that helps people combine multiple debts into a single, lower-interest loan. This can make it easier to manage and repay debt, and can save money on interest. Debt consolidation firms typically charge a fee for their services, but this fee may be worth it if it can help you get out of debt faster and save money.
Debt consolidation firms can be helpful for people who have high-interest debts or who are struggling to make their monthly payments. Combining your debts into a single loan can make it easier to budget and keep track of your payments. It can also save you money on interest, as you will only be paying one interest rate instead of multiple rates.