New Delhi, June 13 -- Securing a new loan is easier, but managing on-time repayment of EMIs is challenging. This is because managing multiple EMIs month-to-month can be overwhelming for borrowers, especially those without prior experience managing debt.

It can become even more difficult if payments are spread across multiple credit lines, such as personal loans, home loans, car loans, and credit cards. Multiple payment dates due to credit lines running simultaneously can increase financial stress, complicate proper financial planning, and eventually result in missed payments, penalties, and a poor credit profile. This is where debt consolidation can emerge as a prudent and viable solution.

Debt consolidation, at a conceptual level, is e...