New Delhi, July 28 -- If you have multiple debt obligations such as credit card dues, BNPL loans, or have personal loan or home loan EMIs pending then in such a case, a personal loan for debt consolidation can help you manage everything better. It permits you to combine all your debt obligations into a single loan with just one EMI. This can assist with lowering your interest cost and reducing financial stress.

Therefore, before moving ahead, here are five important things you should know:

The most significant reason to take a personal loan for debt consolidation is to pay a lower interest rate than what you are currently paying. For example, credit card interest can be 36% to 42% annually. Still, personal loan interest rates are much l...