How to Consolidate Debt: Benefits, Risks and Smart Repayment Strategies

Debt consolidation can simplify repayments, but taking another loan is not always the smartest solution. Negotiating with lenders, reducing penalties, or restructuring existing repayments can lower your monthly burden without increasing your total debt. Neeraj, 38, from Indore, was repaying two personal loans, three credit cards, and a consumer durable loan.