Instead of taking out a loan, you can enroll into a debt consolidation program to pay off your credit cards and payday loans.

I have incurred a huge amount of debt on credit cards and payday loans. My friends tell me to take out another loan in order to combine my debts? If I do this, will this be helpful or wise?

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Instead of taking out a loan, you can enroll into a debt consolidation program to pay off your credit cards and payday loans. Sometimes, lenders charge high interest rate on loans when you've a poor credit score. So, it would be better to enroll into a consolidation program and combine your debts into a single monthly payment plan. 


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